The first-ever Middle Eastern real estate document registration and digitization project has been launched on the Prypco Mint platform by the Dubai Land Department (DLD) in partnership with two significant blockchain technology companies, Ripple and Ctrl Alt. This initiative, which has the backing of the Dubai Future Foundation, is a significant step in the direction of innovation and transparency in the UAE real estate market.
US-based Ripple, a leader in digital asset infrastructure, declared that it will use its Custody technology to protect Dubai real estate digital property ownership records. The public XRP Ledger (XRPL) blockchain will be used to issue and store these documents.
The primary infrastructure supplier for this project will be Ctrl Alt, which just obtained its operating license from the Dubai Virtual Assets Regulatory Authority (VARA). The highest standards of security and openness in digital document management are guaranteed by this partnership.
Fractional ownership of Dubai real estate is made possible by the project, allowing investors to enter the market with smaller sums of money.
Setting a new standard for other regional markets, this is the first official instance of property document registration on a public blockchain in the Middle East.
Statements of Project Leaders
The Managing Director of Ripple for the Middle East and Africa, Reece Merrick, stated:
“Dubai’s leadership in digital asset innovation is exemplified by this project. The decision to use XRPL to issue real estate documents is indicative of the increasing confidence in blockchain technology for practical financial uses.”
Additionally, Ctrl Alt CEO Matt Ong stated:
“Our collaboration with Ripple is a logical fit, establishing a safe, internationally compliant digital real estate management infrastructure.”
With this project, Ripple is expanding its footprint in the United Arab Emirates and has already acquired more than 60 international licenses for digital assets. In the past, the company has launched its RLUSD stablecoin in the DIFC and worked with regional banks and fintechs like Zand Bank and Mamo.
With this project, Dubai solidifies its standing as a major global center for blockchain technology and astute real estate investment.
For the Middle East real estate market, the digitalization of Dubai’s real estate using Ctrl Alt and Ripple marks a significant turning point. In addition to improving security and transparency, registering documents on a public blockchain gives people all over the world access to fractional investment opportunities. This change could usher in a new era of real estate investment in Dubai and solidify the city’s position as a world leader in financial and real estate innovation.
Source: https://gulfnews.com
