Dubai-based real estate giant Emaar recently announced plans to launch a token. Further, the real estate giant may also hold an initial coin offering (ICO) in Europe. The news came through a leading media outlet Arabian Business.
Per the report, Swiss blockchain startup Lykke will be granting Emaar’s customers and stakeholders access to the loyalty system and referral across the entire system.
Mohamed Alabbar, chairman of Emaar Properties, said:
Emaar has increased its revenues by 37 percent in 2018 to $7 billion. Also, it increased its brand value by 39 percent to $2.7 billion. This move placed it placing it among the highest tier brands in the world.
Richard Olsen, founder, and CEO of Lykke added:
On 21st February CoinMarketFeed reported, New World Development, a property building firm and Hong Kong Applied Science and Technology Research Institute ( ASTRI) are all set to launch a blockchain platform- PropTech- for home buyers. Reportedly, the Bank of China will be their first bank user.
The platform aims to completely replace paperwork operations. These include signing mortgage applications, signing lease documents and purchase agreements. Moreover, it will allow users to send the purchaser’s encrypted, authorized and digitally signed agreement ( provisional) to some selected banks.
The County Auditor’s Association of Ohio (CAAO) also announced the formation of an active group to study distributed ledger technology for the effective transfer of property deeds. The group to be formed will purportedly test the use of distributed ledger technology for bringing efficiency to management and execution to real estate transactions.
In addition, to transfer of land titles across several nations. Moreover, their ongoing projects will be scrutinized by SafeChain member Tony Frano. This step will help the association set measurable goals also build on operating principle for the new technology.