On Sunday, the Crown Prince of Dubai christened the Electricity and Water Authority’s blockchain initiative. The emirate’s Land Department recently began its own blockchain program for real estate and lease registration.
This week, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Executive Council of Dubai, was in attendance at GITEX Technology Week. On October 8, 2017, he inaugurated the “Block Chain Initiative for Green Charger,” which, according to local sources, supports Dubai Blockchain Strategy, a collaboration between the Smart Dubai Office and the Dubai Future Foundation. The initiative is being undertaken by DEWA, the Dubai Electricity and Water Authority.
On the eve of the exhibition, the Dubai Land Department (DLD) also announced a blockchain program, as reported by Arabian Business. DLD’s blockchain system will record real estate contracts and lease registrations. The system will link with DEWA and telecommunications systems as well as other billable service providers.
“Our adoption of this system is aligned with our commitment to responding to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the smartest city in the world,” said Sultan Butti bin Mejren, Director-General of DLD.
Dubai isn’t the only emirate addressing blockchain technology. Also in the United Arab Emirates, Abu Dhabi Global Market’s Financial Services Regulatory Authority recently expressed support for token offerings and clarified that virtual currencies are treated as commodities.