Zug, Switzerland-based blockchain-startup Darico has released details of its three proof-of-concepts (POCs) for the Dubai real estate industry in partnership with UAE’s property developer RDK Group.
The POCs include renting luxury hotel-apartments (starting from January 2019), purchase of real estate via crypto-payments (in 5-year installments), and investing in tokenized apartments – by paying in Darico Ecosystem Coin (DEC).
Darico’s partnership with RDK includes 30 luxury apartments, valued at $25 million. The success of the partnership, focused on the three real estate POCs, could result in an extension towards larger projects, according to Darico.
“We are delighted to examine these Proof of Concepts in partnership with RDK Group. This is an exciting time for blockchain in Dubai, and Darico is on the forefront of this new wave as we look towards Dubai’s integrated blockchain solution being completed by 2020,” Mojtaba Asadian, the founder and CEO of Darico, said in a statement.
Darico is tokenizing its shares into DECS, which will be distributed for free to existing token holders before December 27, 2018.
Dubai Blockchain Strategy
The Dubai government developed a strategy to make Dubai the world’s first blockchain-powered city by 2020. The Dubai Blockchain Strategy is a result of a collaboration between the Smart Dubai Office and the Dubai Future Foundation.
The strategy will be using three strategic pillars: government efficiency, industry creation, and international leadership.
“Adopting blockchain technology Dubai stands to unlock 5.5 billion dirham in savings annually in document processing alone — equal to the one Burj Khalifa’s worth of value every year,” according to Smart Dubai.