Paper Title
BLOCK CHAIN TECHNOLOGY IN THE UAE REAL ESTATE SECTOR: CHALLENGES AND FUTURE PROSPECTS
Abstract
The real estate sector in the United Arab Emirates is undergoing a radical digital transformation driven by advanced technologies such as artificial intelligence and blockchain, in line with the UAE’s vision of building a knowledge-based economy. Smart contracts are defined as computer programs stored on a decentralized network that automatically execute the terms of an agreement once specific conditions are met, thereby transforming contractual obligations from traditional paper documents into tamper-proof codes. This study focuses on examining the legal and regulatory challenges that hinder the full implementation of smart contracts in the real estate sector in the United Arab Emirates. The study adopts a descriptive-analytical approach that includes a literature review, an evaluation of government programs, and an analysis of case studies of real estate projects to address the research question. This study concluded that smart contracts increase operational efficiency by 80% and reduce transaction time by approximately 70% through the application of tamper-proof blockchain ledgers. This study recommends that legislation be updated to recognize tokens as a means of expressing the will of the contracting parties, provided that legal loopholes are closed.
Keywords - Smart Contracts, Blockchain, Real Estate Sector, Digital Transformation, UAE, Digital Identity