Dubai launches blockchain-powered payments system

September 24, 2018
Chris Wheal

Dubai’s department of finance has partnered with the Smart Dubai Office to launch a blockchain-based payments system, according to press release dated 23 September.

Dubai adopts new blockchain payments system

The new system introduces blockchain technology into the finance department’s processes, allowing transactions to be performed accurately and in real time – economising time and effort.

Current procedures for remittance involve staff physically going through payments collected from various parties to manually reconcile and settle them – a time-consuming process that can take up to 45 days.

Public services

The new platform called “Payment Reconciliation and Settlement” was officially launched on Sunday, and geared towards public services such as the police, health authorities and road and transport.

The system is reportedly already being used for test transactions by the Dubai Electricity and Water Authority and the Knowledge and Human Development Authority – already more than 5 million test transactions have been submitted.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020