According to a news report by a local source ’Zawya’, the new platform,also known by the name of“Payment Reconciliation and Settlement,”formallylaunched recently i.e. on 23rd Sept. isgearedtowards government entities,liketheDubaiPolice, Roads and Transport Authority [RTA],DubaiHealth Authority [DHA], and others.
As per the reporting, the DoF and SDO intend for the systemto launchfor a lot more correct and clear governancemethod,along with tomodifythe real time onlinepaymentswithinand between the government structures.
Adding further, thepresentlyexistingmethodfor transactions within the Dubai govt. islong, requiring up toforty fivedaysto undergoany given operation.
This new system is reportedly already in use by theDubaiElectricity and Water Authority [DEWA]along with the Knowledgeand Human Development Authority [KHDA], witha completevarietyofcheck transactions amounting toover5Mln.
Director General of SDO ‘Dr. Aisha Bin Bishr, ’ while talking about the Blockchain Technology said that it is one ofthe foremostpromising of emerging technologies.
Earlier in the year 2017, the SDOclusterwas grantedthe highesthonors at theSmartCitiesaggregationand World Congress held at Barcelona,while acquiring the CityProject Award from among 308differentgroupsfor Dubai’s Blockchain Technology Strategy.
TheSmartCityproject was reportedly introduced by the Prime Minister and Vice President of the UAE and Ruler of theDuabiEmirate ‘Sheikh Mohammed bin Rashid’ back in 2013. Under the govt.’s support,non-publicsector, and institutional partners, the organization’s goal isto producea wisesystemfor cooperation between government entities and residents andguests.
SmartDubaiisn’tthe solegovt.-backed initiative that intendsto use major rising technologies like the blockchain within thecountry.
Earlier inApril this year, the UAE’s Prime Minister and Vice President launched the “UAE Blockchain Strategy 2021” initiative, with a goalto attainthe position ofa worldwideleader in adopting the Blockchain Technology.
Even in July, theDubai’sInternationalFinancialCentre [DIFC]proclaimedits partnership withSmart 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 exampleby introducing blockchain-based verification of court judgements.