The Dubai Finance Department, in conjunction with the technology company Smart Dubai Office, has launched a payment blockchain system.
#SmartDubai continues to grow through the horizon of success as they launch the “Payment Reconciliation and Settlement” System today, developed in collaboration with #Dubai Department of Finance as a #Blockchain-powered upgrade to its financial system. pic.twitter.com/fESbFBuKpj
— Smart Dubai (@SmartDubai) September 23, 2018
A service called “Payment Reconciliation and Settlement” will serve the government departments of Dubai, in particular the Police Department, the Road and Transport Department, the Health Department and others.
The tasks of the new blockchain system are to create transparency in the financial affairs of departments and to shorten the time for conducting transactions.
The first payment service was tested by the management of the electric power and water resources, as well as the management of knowledge and human development. Their total number of test transactions was 5 million.
Developments of Smart Dubai Office were marked by a high award at the Smart Cities Expo in Barcelona, as a result of which the government of the United Arab Emirates decided to start joint work.