Saudi Arabia's Quara brings blockchain to real estate deals
The Brooklyn-based firm has pioneered the use of digital assets within the real estate industry, enabling clients to use blockchain technology for property investments
Image used for illustrative purpose.
By Staff Writer, Arab News
DUBAI: Saudi Arabia-based Quara Holding is partnering with Ethereum software firm ConsenSys to bring blockchain technology to the Kingdom's real estate sector.
The Brooklyn-based firm has pioneered the use of digital assets within the real estate industry, enabling clients to use blockchain technology for property investments.
Its partnership with Quara Blockchain will allow both the private and public sectors to benefit from ConsenSys’ software solutions, the pair said.
“Partnering with ConsenSys brings new and innovative blockchain solutions to our clients, while providing Quara Holding with unrivaled development and continuous support in a whole new decentralized landscape,” Quara Holding chief Ziad El Chaar said.
ConsenSys is optimistic about the partnership and its potential to inspire the use of blockchain in the Kingdom.
“As a partner, Quara Holding will have full access to the ConsenSys infrastructure, which is the gateway for a number of exciting opportunities,” the company’s business development lead in the Middle East, Philip Matov, said.
The technology will be used across Quara Holding’s companies, in a number of sectors including real estate, finance, supply chain, government, healthcare, oil and gas, e-commerce and education.
Other countries in the Gulf such as the UAE have been investing in infrastructure to accommodate blockchain technology.
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