Smart Dubai Office (SDO) launched the system “Payment and Settlement Coordination”, developed in cooperation with the Department of Finance of Dubai on the basis of blockchain. The new system introduces distributed database technology into the Department’s processes, allowing operations to be performed accurately and in real time, saving time and effort.
The existing procedures of the Department of Finance are based on the fact that employees physically make payments collected from different portals for manual coordination and settlement, deduction of fees, and then transfer of the remaining amounts to the relevant body - a laborious process that can take up to 45 days.
The Dubai Electricity and Water Authority (DEWA) and the Office of Knowledge and Human Development (KHDA) were the first government agencies to join this system. Both companies have already processed a total of more than five million transactions, using an advanced system based on the blockchain.
In the coming period, the system will include more and more state structures, in the first place: the police of Dubai; Road and transport services; Dubai Health Authority; Airports of Dubai; Dubai Customs; The municipality of Dubai; Department of marketing of tourism and trade; Dubai Courts, as well as TradeArabia news service.