The Department of Finance of the Government of Dubai (DoF) has announced the launch of a payment system for government agencies of the UAE, which operates on the basis of blockchain technology. The opening of a new payment system became possible within the framework of the cooperation of the Department of Finance with the government initiative Smart Dubai Office (SDO).
As part of the Smart Dubai Office, overseen personally by Hamdan bin Mohammed Al Maktoum, Avanza Solutions has implemented a municipal payment system project based on distributed registry technology, which will connect 38 government and financial institutions in Dubai.
The new platform was officially launched on Sunday, September 23. The payment platform is reportedly targeted at government agencies, such as the Dubai police, transport management, the Ministry of Health of Dubai and others.
According to the press release, the Dubai DoF and SDO intend to provide the system with a more precise and transparent management process, as well as to provide the ability to make payments in real time within government structures and between them. When working within the framework of an obsolete system, one operation takes up to 45 days.
According to reports, the new system is already being used in the test mode by the Dubai Office of Electricity and Water Resources and the Office of Education and Human Development with a total of more than 5,000,000 transactions.
In 2017 SDO received a grant for the best urban project during the exposition – the congress of smart city projects in Barcelona, in which 308 other teams took part. The highest evaluation was given to SDO’s development strategy of Dubai based on blockchain.
The smart city project was first introduced by Vice President and Prime Minister of the UAE and Emir of Dubai Sheikh Mohammed bin Rashid in 2013. The goal of the Smart Dubai Office is to create a digital ecosystem that will enable the cooperation of public services, local citizens and guests of the emirate.
Recently in August, a startup from the UAE ADAB Solutions launched the FICE crypto-exchange, based on the principles of Sharia and built according to Islamic laws – such a crypto-exchange will only place halal tokens.