Dubai introduces Blockchain payment system

The Smart Dubai Office launched the Payment Reconciliation and Settlement system on September 23, which was developed in collaboration with the Dubai Department of Finance as a blockchain-based upgrade to the financial system.

Dubai is known for its technological advances in technology. While the Arab Emirate is working to become the smartest city in the world, blockchain technology is also used.

According to a press release, the new system introduces Blockchain technology into the department’s processes, making it possible to conduct transactions accurately and in real time. The current procedure of the Ministry of Finance is still based on the fact that the employees have to manually process the payments collected by different portals.
The disruptive potential of blockchain technology

Dr. Aisha Bint Butti Bin Bishr, Director General of the Smart Dubai Office (SDO), comments:

“Intelligent technologies continue to infiltrate every aspect of human life and society; Virtually everything we do today is wholly or partially based on advanced technology that was once considered “disruptive.” Led by the forward-looking vision of its leadership, Dubai has long been a pioneer. Especially when it comes to using avant-garde technologies [...]. We tailor them to the needs of our citizens, residents and visitors. So we want to turn Dubai into the happiest and smartest city in the world. “

Cooperation between public authorities and companies is becoming increasingly important

The government in Dubai particularly counts on national cooperation between companies and authorities in order to advance technological progress as best as possible:

“In order to ensure the success of the system of settlement and payment, there is a need to foster cooperation and synergy between the various governmental entities that have joined or wish to join the system. It’s important to remember that each unit must provide its data and work hand in hand with other departments across the spectrum of government, “

so the conclusion of. Dr. Aisha.

In addition, Dubai is currently working to revolutionize global trade through blockchain technology. Here, too, it should be possible in future to use the advantages of blockchain technology to make work processes more efficient.

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