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Payment System For UAE Govt Based on Blockchain Launched by Dubai Finance Department

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Dubai,finance,technology

The Dubai Finance Department (DoF) partnered with the SDO (Smart Dubai Office) to launch a blockchain-based payment system.

New Payment System

A local news site, Zawya, reported the news on September 23. The new platform is called “Payment Reconciliation and Settlement,” and launched on Sunday, September 23.

Furthermore, the new payment system focuses on government entities. These include the Dubai Police, Roads and Transport Authority (RTA), and the Dubai Health Authority (DHA), among others.

A Transparent and Real-Time System

The DoF and SDO aim at a more accurate transparent government.

They target real-time payments within and between the government structures. In addition, the current transaction method in the Dubai government is time-consuming. It requires up to 45 days to finish an operation.

Moreover, the Dubai Electricity and Water Authority (DEWA) already uses the new system, along with the Knowledge and Human Development Authority (KHDA). The total number of test transactions amounts to more than five million.

Dr. Aisha Bin Bishr is the Director General at the SDO. Therefore, she said, the blockchain is “one of the most promising of [emerging] technologies.”

The SDO Group

In 2017, the Smart Cities Expo and World Congress in Barcelona granted the SDO Group top honors. It acquired the City Project Award for their Dubai Blockchain Strategy from among 308 participants.

The Prime Minister, Vice President, and the Dubai Emirate Sheikh Mohammed bin Rashid of the UAE introduced the Smart City project in 2013.

Furthermore, the private sector, government, and institutional partners support the organization. Its goal is to create an intelligent ecosystem for cooperation between government entities, visitors and residents.

Dubai and  Blockchain Tech

The new technology is one of many initiatives the government supports. The government continues to use major emerging technologies such as the blockchain. Moreover, the UAE Vice President and Prime Minister initiated the “UAE Blockchain Strategy 2021” in April.

The aim is to achieve the stature of a global leader in adopting the blockchain technology.

In conclusion, these organizations aim to explore the potential of the blockchain technology in overcoming the shortcomings of the legal system of the UAE.

 

 

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