Dubai launches blockchain-powered payments system
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.
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.
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.