The Department of Finance of Dubai launches payment system based on the Blockchain for UAE government
The Dubai Department of Finance (DoF) will work with the Smart Dubai Office (SDO) to launch a payment system based on Blockchain technology.
The new platform, called “Payment Reconciliation and Settlement”, was officially launched on Sunday, September 23. It is reported that it is focused on government agencies such as Dubai Police, Department of roads and transport (RTA), Dubai health authority (DHA) and others.
According to the source, DoF and SDO intend to use the system for more accurate and transparent process of management and payment in real time within and between government agencies.
Reportedly, the present process transactions in the government of Dubai is time consuming, requiring up to 45 days to complete any operation.
The new system is already used by the Dubai office for electricity and water (DEWA) and the Directorate for education and human development (KHDA), the total number of test transactions is more than five million.
Aisha Bin Bishr, Director General of the SDO, said that Blockchainявляется “one of the most promising technologies to date”.