The Dubai Construction company Emaar Group, which is also the owner of the world’s famous tallest building Burj Khalifa, is now moving towards Blockchain technology to tokenize its real estate projects in Dubai. As per the report from the Ledger Insights site, the UAE-based construction company is acquiring Hedera Hashgraph and plans to deploy this distributed ledger technology (DLT) to pilot tokenization of its real-world projects.
Emaar to tokenize its real estate assets using DLT
Emaar Group is a construction company based in UAE and owns famous real estate assets such as Burj Khalifa the tallest building of world. The famous Dubai Mall is also included in the assets of the Emaar Group. The construction giant has now planned to tokenize all of its real estate assets.
An executive from Swisscom Blockchain, which is also collaborating and working on this project with Emaar, has revealed this news. According to the executive, the construction company will utilize distributed ledger technology of Hedera Hashgraph for piloting its assets’ tokenization. The executive furthermore claimed that the Burj Khalifa building will be one of the projects to be tokenized with the help of blockchain technology.
Emaar also has a blockchain reward app – EMR Platform
The property firm is not stepping into the blockchain space for the first time it already has deployed the blockchain technology in the past. Emaar developed a blockchain rewards app known as the EMR Platform last year in 2019. This platform allows users to redeem tokens at its hotels, properties, malls, and e-commerce operations.
Blockchain technology is receiving a greater push from various firms and enterprises in Dubai. Not only the Emaar Group construction company is going to use blockchain technology for tokenization purposes, but also the Hong Kong-based tokenization company Liquefy is also planning on tokenizing its real estate assets in Dubai. The Dubai Mayfair hotel is set to be tokenized by Liquefy. However, no more details have been out regarding this project.