Daniel Novy Consensys

Consensys & Dubai Properties Group Build Blockchain Document Signing solution

Consensys, a venture production studio building decentralized applications and various developer and end-user tools for blockchain ecosystems, which recently opened offices in Dubai, has been working with Dubai Properties Group to build the first Digital Document Signing system on the Ethereum blockchain. Daniel Novy, Blockchain Specialist at Consensys stated, “I have been in Dubai since early 2017 and one of the main projects we are working is in the real estate sector with Dubai Properties Group.”

Dubai Properties Group being a vanguard company in all respects, is one of the first to implement a Blockchain solution in the region. As Novy explains, “In the first phase, we are building an internal Digital Document signing system based on the Ethereum blockchain which helps create a more seamless, real-time, secure and quick process that eases company workflow especially when it comes to approving a Master plan for a construction project.”

However the project will not end here. In phase two, Consensys will work with other governmental entities in Dubai who are also studying and investing in blockchain. As Novy explained, “For example we can easily integrate with Dubai Land Department Blockchain implementation that was recently announced. Dubai Properties Group currently communicates and requires the signatories of 11 government agencies when seeking approval for a Master Plan construction permit. When phase two is implemented and an Ethereum blockchain is built with nodes from all these entities which include Dubai Municipality, Dubai Economic Department, Dubai Fire Department etc, the time taken and process required will become more efficient. Security will be enhanced and collaboration improved. As Novy explains, “Today approval of a Master plan takes time, and sometimes while one department is reviewing an initial Master plan a new master Plan based on feedback from other entities has already been created. With Blockchain all parties will have access to the latest Master plan and can sign-off, review, track changes in an open decentralized secure manner.”

For those concerned with regulatory issues pertaining to digital signatures in UAE, there is an electronic signature law that was passed in 2008. As Novy explained, “this law however does not pertain to digital signatures on Blockchain but we are confident that it will be amended to include Blockchain in the near future as discussions are already underway.”

Although the solution being implemented by Dubai Properties Group could be implemented using an existing technology, Novy explains, “They are pioneering the space, and when it comes time to integrate with other entities on a Blockchain platform, they will have the technology and processes in place.”

As for Dubai, Novy believes that Dubai is a leader when it comes to implementing Blockchain in an integrated fashion. Novy states, “In Brazil there are proofs of concepts in governments such as with the Central Bank  the Ministry of Interior in regards to Digital identity, but these are being carried out in silos unlike in Dubai where it is a holistic strategic plan.” In his opinion, Dubai is encouraging other countries and governments to spearhead into Blockchain with examples underway in Australia, Singapore and others.”