Dubai branch of Finance Launches Blockchain-based totally price system for UAE Gov’t

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The Dubai Department of Finance (DoF) has partnered with the Smart Dubai Office (SDO) to launch a blockchain-powered payment system. The news was reported on by a local news site Zawya, September 23.

the brand new platform, called “charge Reconciliation and settlement,” became formally launched Sunday, September 23. it’s miles reportedly geared toward government entities, such as the Dubai Police, Roads and transport Authority (RTA), Dubai fitness Authority (DHA), and others.

in keeping with Zawya, the Dubai DoF and SDO intend for the machine to offer for a greater accurate and obviousgovernance processin addition to to allow actual-time payments within and among government systems.

As Zawya reports, the presently present method for transactions in Dubai authorities is time-consuming, requiring as much as 45 days to complete any given operation.

the brand new machine is reportedly already in use by using the Dubai power and Water Authority (DEWA) and the knowledge and Human development Authority (KHDA), with a complete wide variety of test transactions amounting to extra than five million.

Dr. Aisha Bin Bishr, Director trendy at the SDO, commented that blockchain is “one of the maximum promising of [emerging] technologies.”

In 2017, the SDO organization became granted the top honors on the clever cities Expo and global Congress in Barcelona, acquiring the metropolis task Award from among 308 other groups for their Dubai blockchain method.

The clever town challenge become reportedly introduced through vp and prime Minister of the UAE and Ruler of the Dubai Emirate Sheikh Mohammed bin Rashid in 2013. Supported through the governmentnon-public quarter, and institutional companions, the enterprise’s goal is to offer a clever environment for cooperation between authoritiesentities and residents and site visitors.Smart Dubai is not the only government-backed initiative that intends to employ major emerging technologies such as blockchain in the country.

In April of this year, the UAE Vice President and Prime Minister launched the “UAE Blockchain Strategy 2021” initiative, with a goal to achieve the position of a global leader in adopting the technology.

In July, the Dubai International Financial Centre (DIFC) announced its partnership with Smart Dubai to develop a “Court of the Blockchain.” The organizations aim to explore the potential of the technology in addressing the shortcomings of the UAE’s legal system, for example by introducing blockchain-based verification of court judgements.

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