Dubai’s Blockchain Ambition Extends to DubaiPay

Dubai’s Blockchain Ambition Extends to DubaiPay

DubaiPay, an online payments portal, moves from the traditional system to blockchain technology. Smart Dubai, an initiative by the Crown Prince, will be bringing this into reality.

The Smart Dubai Government Establishment (SDG) intends to boost the city government’s efficiency. One of the ways they will achieve this is through shifting to blockchain technology. Together with the Department of Finance, the SDG will upgrade from the traditional procedure into a blockchain-powered payments system for DubaiPay. This plan, launched on the 23rd September, is called Payment Reconciliation and Settlement.

According to Mira Sultan Obaid Abdul Rahman, transactions can be followed, reconciled and settled in real-time by migrating to blockchain which will ease transaction time when using DubaiPay. The old payment system will take up to forty-five days for processes to complete.

DubaiPay has fourteen non-governmental offices and twenty-seven government departments under its belt.

Dubai is in the works to become the first-ever blockchain-driven government in the world. Some of the local banks and government branches have started debuting projects which use this innovation. Through blockchain, two government offices have increased the number of transactions handled to five million. Emirates NBD, the largest banking group in the Middle East, began developing a blockchain system to cut down cheque frauds.

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