Valued at $9.7 billion, Emaar Properties has been creating harmony in the UAE. It is the name behind Burj Khalifa (tallest building in the world) and Dubai Mall (second largest mall). And now, the real estate giant is going international with blockchain.
According to the press release, Emaar Properties is launching a blockchain-based referral and loyalty platform for its users — before the end of 2019. The company will also launch digital tokens to support the platform.
The Blockchain Platform Comes With EMR Tokens
The blockchain platform will be called EMR. Available in the form of an app (for Android and iOS), the EMR platform is primarily designed to create a community around Emaar Properties. Users will not just be able to refer new users but also access loyalty program to earn EMR tokens. Exact details will be out when the whitepaper is released.
On EMR token sales: Emaar Properties is working with Bitcoin Suisse AG — a swiss-regulated intermediatry in the crypto space — to launch the EMR tokens. The token sale will be announced before the end of October.
The EMR tokens, as per the details shared, can be used across various assets owned and operated by Emaar — from ecommerce portal to booking breathtaking hotels, stunning malls, and on dozens of real estate properties.
Speaking of EMR acting as a utility token, Emaar’s Chairman Mohamed Alabbar stated:
“We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.”
Emaar Properties Uses Quorum blockchain
JPMorgan’s Quorum is the underlying protocol used to build the EMR platform. To promote the protocol, Quorum also partnered with Microsoft Azure and has been silently adding major clients in the background — one of them being Emaar Properties.
Through the Quorum’s private blockchain solution, Emaar Properties can keep its transactions private and permit certain parties to access the data, eventually adding a layer of security. In the future, the platform can also introduce voting-based consensus mechanisms.
All in all, Emaar Properties entering blockchain can revolutionize the real estate industry. It will also bring millions of users into the ecosystem, as stated by Hadi Kabalan (the Director of Tokenisation at Emaar):
“We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar. Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation.”