Dubai Department of Finance Launches Blockchain-Based Payment System for UAE Gov’t

Dubai Department of Finance has launched a blockchain-powered cost system geared in direction of authorities entities in collaboration with Smart Dubai Office.

The Dubai Department of Finance (DoF) has partnered with the Smart Dubai Office (SDO) to launch a blockchain-powered cost system. The information was reported on by a neighborhood information website Zawya, September 23.

The new platform, referred to as “Payment Reconciliation and Settlement,” was formally launched Sunday, September 23. It is reportedly geared in direction of authorities entities, such because the Dubai Police, Roads and Transport Authority (RTA), Dubai Health Authority (DHA), and others.

According to Zawya, the Dubai DoF and SDO intend for the system to supply for a extra correct and clear governance course of, in addition to to allow real-time funds inside and between authorities buildings.

As Zawya reviews, the presently present course of for transactions in Dubai authorities is time-consuming, requiring as much as 45 days to finish any given operation.

The new system is reportedly already in use by the Dubai Electricity and Water Authority (DEWA) and the Knowledge and Human Development Authority (KHDA), with a complete variety of take a look at transactions amounting to greater than 5 million.

Dr. Aisha Bin Bishr, Director General on the SDO, commented that blockchain is “one of the crucial promising of [emerging] applied sciences.”

In 2017, the SDO group was granted the highest honors on the Smart Cities Expo and World Congress in Barcelona, buying the City Project Award from amongst 308 different groups for his or her Dubai blockchain Strategy.

The Smart City venture was reportedly launched by Vice President and Prime Minister of the UAE and Ruler of the Dubai Emirate Sheikh Mohammed bin Rashid in 2013. Supported by the federal government, personal sector, and institutional companions, the group’s objective is to supply a wise ecosystem for cooperation between authorities entities and residents and guests.

Smart Dubai is just not the one government-backed initiative that intends to make use of main rising applied sciences akin to blockchain within the nation.

In April of this 12 months, the UAE Vice President and Prime Minister launched the “UAE Blockchain Strategy 2021” initiative, with a objective to attain the place of a worldwide chief in adopting the expertise.

In July, the Dubai International Financial Centre (DIFC) introduced its partnership with Smart Dubai to develop a “Court of the Blockchain.” The organizations goal to discover the potential of the expertise in addressing the shortcomings of the UAE’s authorized system, for instance by introducing blockchain-based verification of court docket judgements.

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