The online payment portal is called DubaiPay and will allow for payment reconciliation and settlement, an industry where the government and national banks lose millions a year typically. “Payment Reconciliation and Settlement” is now launched and ready to use.
The platform was designed with the government use in mind. From the Dubai Police to the Roads and Transport Authority, the blockchain payment system will work to facilitate faster transactions for these entities. Prior to the platform, these Dubai government transactions could take 45 days to process.
The system is already being put to use in an effort to reduce government red tape. The Dubai Electricity and Water Authority (DEWA) and the Knowledge and Human Development Authority (KHDA) have sent transactions to demonstrate the platform’s functionality and have already successfully processed over five million in payments.
The Smart City project is a government initiative in Dubai that aims to create a better ecosystem. The goal is to improve interactions between different branches of the government, the private sector, and its citizens. Smart Dubai’s payment platform’s vision aligns with this project originally introduced by the Vice President.
UAE is taking blockchain technology seriously and believes in its potential to create a more efficient world. The Vice President and the Prime Minister have launched the “UAE Blockchain Strategy 2021”. This program plans to make the UAE a top blockchain integrating nation.
In addition to the partnership with Smart Dubai, The Smart City Project, and the UAE BLockchain Strategy 2021, the Dubai International Financial Centre (DIFC) is going to assemble a “Court of the Blockchain”, with the help of Smart Dubai. The group will work to create trustless verdicts via blockchain technology.