Dubai will use an official blockchain-powered payment system

Luxury goes hand in hand with progress and innovation. Which city is best described with these three than Dubai? It seems that the city never sleeps when it comes to innovative technology. Last week, a Dubai news website reported that a new payment system is in the works. The new payment system is powered by blockchain technology and it was completed in cooperation between the Department of Finance (DoF) and the Smart Dubai Office (SDO).

The official launch was Sunday, September 23^rd. The platform, “Payment Reconciliation and Settlement” is mostly geared towards government institutions. The entities, which will test the new system include the Dubai Police, the Dubai Health Authority (DHA), the Roads and Transport Authority (RTA) and many others.

Dubai will use Blockchain to remove corruption and lead by innovation

The news post also reports that the system is intended to provide a far more intensive, accurate and transparent government process. It will also enable quick real-time payments within and between different government structures. This will be a real sight of relief for many government employees and citizens. The current processes for transactions are extremely slow and can take up to 45 days to complete a single operation.

The Dubai Electricity and Water Authority (DEWA) is already using the new system. Together with the Knowledge and Human Development Authority (KHDA), the total number of test transactions has exceeded 5 million.

SDO’s Director General, Dr. Aisha Bin Bishr stated that the technology is “one of the most promising and innovative emerging technologies.”

Last year, the SDO group received the maximum amount of honors at the Smart Cities Expo and World Congress in Barcelona.

The City Project Award was won in fierce competition with over 300 other teams. Their Blockchain Strategy caught the eyes of the world and has been developing even further.

This innovative concept was introduced by the Vice President, Prime Minister and Ruler of the Dubai Emirate, Sheikh Mohammed bin Rashid back in 2013.

The project received the government’s full support together with the private sector. Such a smart ecosystem would be extremely beneficial to the cooperation between government institutions, citizens, tourists and visitors.

The city however, shows no signs of slowing down and the UAE Vice President and Prime Minister stated numerous times that he aims for the city to become a world leader in blockchain adoption. Ealier this year, he launched the “UAE Blockchain Strategy 2021.” This initiative aims to earn them the position of global number one when it comes to blockchain mass adoption.

Another very innovative concept was also discussed this year as in July, the Dubai International Financial Centre (DIFC) shared its coordinated plans with Smart Dubai for a “Court of the Blockchain.”

This projects aims to harness blockchain technology’s potential to help improve the UAE’s legal system. The first step will be to introduce blockchain-based verification of court rulings.

Read more:

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• Innovation, Blockchain and Smart cities
• Dubai wants to lead in Blockchain technology and innovation by 2021