The Dubai Land Department ( DLD ) has just announced that they plan on being the first government entity to fully adopt and implement blockchain technology as a platform for transactions in this space. Their goal is to have its entire land registry and database moved onto the blockchain within 3 years.
The future of Dubai and its real estate sector is adopting the same technology that is bringing Bitcoin and other crypto-currencies to the mainstream the world over. With this technology, the DLD plans on recording and building a database of all transactions dealing with real estate. From purchase and lease agreements to the utility contracts for tenants and landlords. Everything having to do with a particular piece of property will have its entire history on a blockchain. If this all goes according to plan, any transaction in this niche can be accomplished electronically by any of its users from anywhere in the world.
We all know that Dubai tries to stay on the cutting edge of ideas, and embracing blockchain technology fits right in with their long term plans. Dubai plans on being the first fully incorporated blockchain city. Future plans to incorporate everything from daily purchases, personal taxes, city wide utilities, and even get the airport linked up so that a secure blockchain empowers, records, and registers all activity within the city.
The realization of this blockchain connected utopia is still a long way off, but officials in Dubai are tirelessly working on making it happen, and seeing it come to fruition. There will be many more players and government agencies joining the project as time passes which will allow for this to happen faster and wider scale than previously planned. Time will tell whether Dubai will pull off this massive, yet incredible feat.
These are exciting times in the digital currency space and we all know that Bitcoin is leading the charge with the technology. Digital currencies like Bitcoin keep evolving and spurring on new technology that will forever change the way every day transactions are made and processed. Bitcoin has grown exponentially from its origination, and has taken the online commerce space by storm. you can do everything from paying for pizzas to playing blackjack online , and even placing bets on your favorite sporting competition through one of the many new Bitcoin sportsbooks.
It really looks like this new technology is growing by leaps and bounds on a daily basis, and it will be exciting to see if Dubai can pull off this amazing idea. I believe that there will be many more government departments worldwide that will take notice and follow suit. This technology is still in its infancy, but already has the foundation to make this world more unified and seamless. What a great day that will be!
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