A recent report from the Dubai-based news publication Thomson Reuters Zawya has revealed that the organization ”Smart Dubai Office” (SDO) has created a blockchain-based system that is intended to be used by the Dubai Department of Finance.
Furthermore, the system has been dubbed the ”Payment Reconciliation and Settlement System”, and it is intended to bring blockchain technology to Dubai’s Department of Finance’s operations.
More specifically, the system will allow financial transactions to be carried out effectively and correctly, as well as in real time. In addition to this, the new blockchain-based system means that staff members at the Department of Finance will no longer need to physically review collected payments.
In fact, the current system can take up to 45 days for a payment to be successfully registered and transferred. The Payment Reconciliation and Settlement System will also automate some aspects of this, eliminating tedious and time-consuming manual fee deductions.
Since its launch this past Sunday, the Payment Reconciliation and Settlement System has already made some waves in and outside the cryptocurrency and blockchain community. It also marks a continuation of Dubai’s vested interest in developing and supporting blockchain technology.
The SDO’s Director General, Dr. Aisha Bint Butti Bin Bishr, attended the launch ceremony of the Payment Reconciliation and Settlement System. The technology is intended to be used by a wide variety of Dubai authorities, such as the Dubai Police, the Dubai Health Authority, and the Roads and Transport Authority.
In addition to this, the technology is reportedly already being used by the Dubai Electricity and Water Authority, as well as the Knowledge and Human Development Authority. Moreover, the system is said to have more than five million test transactions.
It should be noted that the SDO’s Director General, Dr. Aisha, has gone on record stating that blockchain is one of the ”most promising of emerging technologies”.
In addition to this, Dubai launched its ”UAE Blockchain Strategy 2021” in April of this year, which is intended to further the position of the United Arab Emirates in the forefront of blockchain technology.
”Dubai has long been a trailblazer in embracing avant-garde technologies – most notably those of the Fourth Industrial Revolution – and tailoring them to meet the needs of our citizens, residents and visitors, in a bid to transform Dubai into the happiest and smartest city in the world,” Dr. Aisha commented on the initiative.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.