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Allows reconciliation and settlement transactions to be executed accurately, efficiently and in real time
Dubai: Smart Dubai integrated blockchain technology in its online payment portal, DubaiPay, to enable reconciliation and settlement transactions to be carried out in real time
Mira Sultan Obaid Abdul Rahman, director of Smart Dubai's Smart Intelligence Services Department, told Gulf News that the strategy was to increase the efficiency of the government by transferring 100% of transactions to the blockchain network.
said that the Department of Finance (DoF) will work behind the scenes for reconciliations, settlements, reimbursements, disputes and other issues.
He added that the process of payment and reconciliation was sequential and would require up to 45 days from the day the user makes a payment.
"The DoF must do some manual work such as exchanging files between them, banks and entities before a final payment is made to the entity.There is no real-time monitoring of the transaction in the old system and with blockchain, the whole process can be monitored in real time, "he said.
Dubai aims to become the world's first government with blockchain by 2020. [19659003] Mira Abdul Rahman said there are more than 20 cases of use in the Dubai government that are currently in different stages of implementation .
In addition, he said, some of the government entities have taken giant steps in new technology including the Dubai Department of Territory and Dubai Business Department.
"Blockchain will not replace the current technology, but it will complete it and can be introduced in many areas such as identity, ownership, health care, energy, trade, loyalty programs, to name a few," he said.
In 2016, total private sector investment in blockchain technology amounted to $ 1.1 billion (Dh4 billion) worldwide and increased to $ 2.1 billion in 2017, he said and has added that 6 00 new companies established their blockchain activities worldwide in 2016 and increased to 1,216 companies in 2017.
The DubaiPay portal has more than 41 entities (27 governmental and 14 non-governmental) connected to the platform.
The blockchain project was assigned to Avanaza Solutions and the project team was formed between Smart Dubai and the Finance Department.
In the first phase, he said that Dewa, the Knowledge and Human Development Authority (KHDA) were the first government agencies to join the system, apart from Emirates NBD and Network International to participate in procedures related to the banking sector.
Dewa and KHDA have already processed more than five million transactions using the blockchain system.
Other government entities such as Dubai Police, Roads and Transport Authority, Dubai Health Authorities, Dubai Airports, Dubai Customs, Dubai Municipality, Department of Tourism and Commerce Marketing, Dubai Courts, Dubai Holding and a number of banks Financial service providers are expected to become part of the system.
In 2017, Mira Abdul Rahman said that DubaiPay has collected 13 billion Dh from 9.4 million transactions, an increase of 17% compared to 2016.
What is blockchain?
The architecture of Blockchain consists of a distributed ledger, held by a community of willing participants. Since no person or organization is in possession of the entire transaction history – creating a bitcoin and passing it from hand to hand – no one can play the system.
In short, it allows people or systems that do not do it We trust each other to share valuable data securely and tamper-proof.
