logo
Plus   Neg
Share
Email

Dubai Finance Dept. Upgrades Payment System With Blockchain

dubaiblockchain-sept25-lt.jpg

The Dubai Department of Finance or DoF joined with the Smart Dubai Office or SDO for a Blockchain-powered upgrade to its financial system.

The new platform, called "Payment Reconciliation and Settlement system," integrates blockchain technology into Smart Dubai's online payment portal, DubaiPay. The technology is expected to allow reconciliation and settlement transactions mainly in the various government entities in real time. This is in comparison to Dubai government's current process, which requires up to 45 days to complete any transaction.

Mira Sultan Obaid Abdul Rahman, a director at Smart Dubai, was quoted as saying, "Blockchain is not going to replace the current technology but it is going to compliment it and can be introduced in many industries such as identity, property, healthcare, energy, trading, loyalty programmes, to name a few."

The new system is in use by the Dubai Electricity and Water Authority or DEWA and the Knowledge and Human Development Authority or KHDA. It is expected that more government entities will join the system soon, including the Dubai Police, Roads and Transport Authority, Dubai Health Authority, and others.

DubaiPay portal has more than 41 entities connected to the platform, comprising 27 government and 14 non-government.

The move is expected to increase government efficiency by transferring all transactions to the blockchain network. Dubai aims to become the world's first blockchain-powered government by 2020.

The Dubai International Financial Centre or DIFC recently announced its partnership with Smart Dubai to develop a "Court of the Blockchain", aiming to explore the potential of the technology to address the shortcomings of the UAE's legal system.

For comments and feedback contact: editorial@rttnews.com

Technology News

Follow RTT
>