Back

Dubai’s Agency Unveils Blockchain Anchored Payment System For Government

At the moment, UAE is exploring ways of deploying blockchain to ease government transactions as it aims to become a world leader in the scene.


 

UAE Get Blockchain Supported Payment Platform

A payment platform anchored on blockchain has been unveiled in Dubai. The infrastructure will be used by the UAE government. It was developed by the DDF in partnership with Smart Dubai Office.

According to Dubai media platforms, the platform is called Payment Reconciliation & Settlement. It will be used by top state agencies from infrastructure to health.

The protocol is meant to offer curated and transparency within the government process. At the same time, transactions will be instant among different state agencies. The unveiled system came to life following flaws in the current platform. The system has been dubbed time-consuming since it needs at least 45 days for a transaction to be completed.

At the moment, unconfirmed reports indicate that the system is being used by the power and water departments. Already, all transactions under testing have surpassed the five million mark.

Aisha Bishr from SDO hailed the blockchain backed system as the future in the new age of technology. A year ago, SDO was honoured at a top Congress held in Spain.

State Officials Support For Blockchain Technology

UAE Premier Mohammed Rashid is credited with launching the Smart City initiative back in 2013. The project is backed by state and private entities aimed at offering a smart system for collaboration between state and citizens. In the entire UAE, Smart Dubai stands as the single state-backed project that seeks to deploy new technologies like the open ledger in the oil-rich nation.

In April, the Premier unveiled UAE’s blockchain plan that will run until 2021. It is aimed at positioning UAE as a top blockchain adopting country globally.

About two months ago, the DIFC made public a deal with Smart Dubai. Under the deal, there will be the establishment of  “Court of the Blockchain.”. It seeks to identify appropriate technology meant to solve flaws in UAE’s legal sector.



1 year ago

Start Weekly Digest

Similar news