The Israel Land Authority (ILA) is reportedly exploring the potential of distributed ledger technology within the real estate industry.

Reports from Israeli media disclosed that ILA has reached out to blockchain experts to delve into prospective applications within the sector.

The initiative seeks to tackle persistent issues in the Israeli real estate market, chiefly comprising elevated operational expenses and protracted procedures.

There is also consideration for real estate property tokenization and the establishment of a national exchange platform.

Such a move could facilitate token trading, with transaction-related royalties being automatically deducted from each operation which is a critical step toward streamlining real estate processes.