Telecoms firm, Etisalat and the Dubai Land Department have signed a memorandum of understanding concerning real estate blockchain technology according to Gulf Today.
The Dubai Land Department works under the Executive Council of Dubai in real estate-related services, while Etisalat is a multinational, Emirati firm that serves 15 countries in the Middle East, Asia and Africa.
Both parties have said they aim to implement smart government standards and introduce paperless management and digital contracts for property transactions.
DLD’s director general, Sultan Butti Bin Mejren, said the agreement is part of an ambition to make Dubai “the smartest city in the world.”
According to Gulf Today, the MoU has the goal of improving registration and verification processes, speeding up transactions while keeping all parties involved safe.
Remember that a blockchain platform built by one of the United Arab Emirates’ two telecoms operators was officially endorsed by the government back in April.
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