Dubai Department of Finance Launches Blockchain-Based Payment System for UAE Gov’t
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 new platform, called “Payment Reconciliation and Settlement,” was officially launched Sunday, September 23. It is reportedly geared towards government entities, such as the Dubai Police, Roads and Transport Authority (RTA), Dubai Health Authority (DHA), and others.
According to Zawya, the Dubai DoF and SDO intend for the system to provide for a more accurate and transparent governance process, as well as to enable real-time payments within and between government structures.
As Zawya reports, the currently existing process for transactions in Dubai government is time-consuming, requiring up to 45 days to complete any given operation.
The new system is reportedly already in use by the Dubai Electricity and Water Authority (DEWA) and the Knowledge and Human Development Authority (KHDA), with a total number of test transactions amounting to more than five million.