UAE based property developer EMAAR plans to pilot tokenization of its real estate assets. The news was revealed by an outgoing executive of Swisscom Blockchain, which is working with EMAAR on the project.
EMAAR’s assets include the world’s tallest building, the Burj Khalifa, which the executive claims is one of the assets to be tokenized. It also owns the Dubai Mall. In a recent announcement, EMAAR stated it sold over 30,500 residential units in the last ten years for $24 billion.
We contacted EMAAR for comment but didn’t receive a response by publication time. We initially reported that the tokenization would use Hedera Hashgraph. But after publication an Emaar spokesperson asked us to correct it to IBM’s DLT, which is the enterprise blockchain Hyperledger Fabric.
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