The Dubai Department of Finance (DoF) announced a partnership with the Smart Dubai Office (SDO) to begin a blockchain-powered payment system. The local news website Zawya reported the announcement.
The new system designated “Payment Reconciliation and Settlement” was officially submitted on Sunday, September 23. The launch regulated towards government bodies, such as the Roads and Transport Authority (RTA), Dubai Health Authority (DHA), Dubai Police.
As reported by Zawya, the Smart Dubai Office and the Dubai Department of Finance aim not only to present a more detailed and transparent governance process but also to allow real-time payments within and between government arrangements.
Zawya’s report also says that the government’s current transaction system is time demolishing and needs up to 45 days to complete any given transaction.
The new platform is already being used by the Dubai Electricity and Water Authority (DEWA) as well as the Knowledge and Human Development Authority (KHDA), with a complete number of test transactions – more than five million.
Director General of the SDO, Dr. Aisha Bin Bishr, stated that the blockchain technology is “one of the most promising of [emerging] technologies.”
Back in 2017, the SDO association was awarded the uppermost honors at the Smart Cities Expo and World Congress in Barcelona, Spain, achieving the City Project Award from between 308 other organizations for their Dubai blockchain technology procedure.
The Vice President and Prime Minister of the UAE and the Ruler of the Dubai Emirate Sheikh Mohammed bin Rashid introduced the Smart City Project in 2013. Backed by the private sector, government and institutional partners, the association’s target is to implement a smart ecosystem for collaboration between government entities as well as visitors and the residents.
Smart Dubai is not the only government-supported initiative project that aims to apply significant developing technologies such as blockchain in Dubai.
Early this year, the United Arab Emirates’ Vice President and Prime Minister announced the “UAE Blockchain Strategy 2012”, aiming to accomplish the position of an international leader and embracing the technology.
Back in July 2018, Dubai International Financial Centre (DIFC) partnered with Smart Dubai to emerge a “Court of the Blockchain”. The institutions target to discover the potential of the technology in addressing the deficiencies of the UAE’s legal system. Thus, blockchain-based verification of court judgments, for example, could be introduced in order to strengthen the system.
Author: Berna Bayindir
Photo Credit: ShutterStock