Some details
The project was to implement Dubai land department’s (DLD) land registry information in a decentralized blockchain network to ensure the immutability of the data as well as to improve the operations of land registry update of the DLD.
In the conventional system of land registry keeping, there are certain situations like the occurrence of a natural calamity or a dispute between different parties over the
ownership of a land, where the rightful owner could not be identified. Such issues have a big impact on construction projects as government and contractors wait for ownership issues to be resolved. Moreover, traditional land registry system is rife with corruption and inefficiencies. In dozens of cities across the developing world, land registries suffer from similar problems.The solution incorporates many benefits of blockchain technology, such as the tamper-proof history of transactional records, so that no one can ever tamper with or forge a record of their own, and these records can be seen by any party with the permission, at any time. This will create a single source of truth of ownership status and history of a property. The buyer will be assured that the land being bought is the correct plot and that the seller is rightfully the owner, reducing the potential for disputes, as well as the costs and time involved, for any given transaction.