Dubai To Soon Introduce A New Blockchain Powered Payment System.

Dubai To Soon Introduce A New Blockchain Powered Payment System.

2018-09-24 | Selina Mathew

Dubai To Soon Introduce A New Blockchain Powered Payment System.

According to a news report by a local source ’Zawya’, the new platform, also known by the name of “Payment Reconciliation and Settlement,” formally launched recently i.e. on 23rd Sept. is geared towards government entities, like the Dubai Police, Roads and Transport Authority [RTA], Dubai Health Authority [DHA], and others.

As per the reporting, the DoF and SDO intend for the system to launch for a lot more correct and clear governance method, along with to modify the real time online payments within and between the government structures.

Adding further, the presently existing method for transactions within the Dubai govt. is long, requiring up to forty five days to undergo any given operation.

This new system is reportedly already in use by the Dubai Electricity and Water Authority [DEWA] along with the Knowledge and Human Development Authority [KHDA], with a complete variety of check transactions amounting to over 5 Mln.

Director General of SDO ‘Dr. Aisha Bin Bishr, ’ while talking about the Blockchain Technology said that it is one of the foremost promising of emerging technologies.

Earlier in the year 2017, the SDO cluster was granted the highest honors at the Smart Cities aggregation and World Congress held at Barcelona, while acquiring the City Project Award from among 308 different groups for Dubai’s Blockchain Technology Strategy.

The Smart City project was reportedly introduced by the Prime Minister and Vice President of the UAE and Ruler of the Duabi Emirate ‘Sheikh Mohammed bin Rashid’ back in 2013. Under the govt.’s support, non-public sector, and institutional partners, the organization’s goal is to produce a wise system for cooperation between government entities and residents and guests.

Smart Dubai isn't the sole govt.-backed initiative that intends to use major rising technologies like the blockchain within the country.

Earlier in April this year, the UAE’s Prime Minister and Vice President launched the “UAE Blockchain Strategy 2021” initiative, with a goal to attain the position of a worldwide leader in adopting the Blockchain Technology.

Even in July, the Dubai’s International Financial Centre [DIFC] proclaimed its partnership with Smart Dubai to develop a “Court of the Blockchain.” The organizations aim to explore the potential of the technology in addressing the shortcomings of the UAE’s legislation system, as an example by introducing blockchain-based verification of court judgements.

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