The Dubai Department of Finance (DoF) has partnered with the Smart Dubai Office (SDO) to launch a blockchain-based payment system. The news was reported by a local Zawya news site, September 23rd.
The new platform, called "Payment reconciliation and settlement", was officially launched on Sunday 23 September. It is said to be oriented towards government entities, such as Dubai Police Authority, Roads and Transport (RTA), Dubai Health Authority (DHA) and others
According to Zawya, Dubai DoF and SDO intend that the system provide a process of more accurate and transparent governance, as well as enabling real-time payments within and between government structures.
As reported by Zawya, the current process for transactions in the government of Dubai takes a long time and takes up to 45 days to complete any operation.
The new system According to reports, it is already in use at the Dubai Water and Electricity Authority (DEWA) and the Authority for Development and Knowledge ( KHDA), with a total number of trial transactions of more than five million.
Dr. Aisha Bin Bishr, Director General of the LotR, commented that the blockchain is "one of the most promising [emerging] technologies".
In 2017, the SDO group was honored with honors at the Smart Cities Expo and the Barcelona World Congress, and acquired the City Project Award among 308 other teams for their Blockchain strategy in Dubai.
The Smart City project was presented by the vice-president and prime minister of the United Arab Emirates and by the ruler of Dubai Emir Sheikh Mohammed bin Rashid in 2013. Supported by the government, the private sector and institutional partners, the 39; the organization's goal is to provide an intelligent ecosystem for cooperation between government agencies and residents and visitors.
Smart Dubai is not the only initiative supported by the government that intends to use important emerging technologies such as blockchain in the country.
In April of this year, the Vice President and Prime Minister of the United Arab Emirates launched the "UAE Blockchain Strategy 2021" i Nitiative, with the goal of achieving the position of global leader in the adoption of technology.
In July, the Dubai International Financial Center (DIFC) announced its partnership with Smart Dubai to develop a "Court of the Blockchain". Organizations aim to explore the potential of technology in addressing the shortcomings of the legal system of the UAE, for example by introducing blockchain-based verification of judicial judgments