Digitisation through blockchain technology

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Blockchain is a revolutionary new technology which allows for the recording of any type of transaction into blocks of data, such as a digital ledger. According to the IDC’s inaugural Worldwide Semiannual Blockchain Spending Guide, worldwide spending on blockchain solutions is forecast to reach USD 2.1bn in 2018 – more than double that spent in 2017.

Given that the UAE is setting itself up as a world-leading hub of smart technology, it makes sense that it would be looking to capitalise on these figures. Last month the UAE government launched the ‘UAE Blockchain Strategy 2021’, seeking to conduct 50% of federal transactions using this technology by 2021 in the hope of saving AED 11bn in document circulation every year. (Arabian Escapes)

Use of blockchain technology would also change the real estate sector dramatically, eradicating the need for paperwork. In fact, the Dubai Land Department has already taken the leap and become the world’s first government entity to use blockchain to record all contracts and registrations, while linking them with various property-related organisations such as water and telecommunications. The writing is on the wall; new technology is coming to the mainstream. Following on from the government’s launch of the UAE Strategy for the Fourth Industrial Revolution, the UAE Blockchain Strategy 2021 will further revolutionise the real estate sector. The takeaway is this: if you’re an investor or buyer you should be following the blockchain trend closely, if only so you’re more prepared to operate within the new system.

Following on from the government’s launch of the UAE Strategy for the Fourth Industrial Revolution, the UAE Blockchain Strategy 2021 will further revolutionise the real estate sector. The takeaway is this: if you’re an investor or buyer you should be following the blockchain trend closely, if only so you’re more prepared to operate within the new system