Home Regulations DoF To Launch a New Payment Scheme Powered by Cryptocurrency Solely for Dubai Government Agencies

DoF To Launch a New Payment Scheme Powered by Cryptocurrency Solely for Dubai Government Agencies

Dubai Department of Finance

Dubai Department of Finance or DoF launched a blockchain powered payment scheme. To make this plan successful, they collaborate with the SDO or Smart Dubai Office, and this is according to Zawya, a reliable and trustworthy local news website.

Payment Reconciliation and Settlement is the name of the latest platform and was officially launched last September, 23 Sunday. It is allegedly geared toward government bodies like the Dubai Health Authority, Dubai Police, Roads and Transport Authority and many others.

In a report of Zawya, the Smart Dubai Office and Dubai Department of Finance plan for the scheme to give a more transparent and precise governance procedure, and at the same time to allow real-time payments between and within the structures of the government.

According to Zawya, the presently existing procedures for dealings in Dubai government are daunting and lengthy, needing forty-five days to finish any given operation. The latest system is purportedly already in use by the Knowledge and Human Development Authority or KHDA and Dubai Electricity and Water Authority or DEWA, with a total amount of check transactions of over five million.

SDO Director-General Dr. Aisha Bin Bish stated that blockchain is one considered of the most promising of rising technologies at this point. SDO was awarded the top honors at the 2017 Smart Cities Expo, and World Congress held in Spain, getting the City Project Award from amongst 308 other participants for their Dubai blockchain Strategy.

This project was reportedly presented in 2013 by VP and PM Minister of the United Arab Emirates and the Ruler of the Dubai Emirate. Backed by the government, institutional partners, and the private sector, the objective of the organization is to offer a smart system for cooperation between residents and visitors and government bodies.

Smart Dubai isn’t the only government-supported plan which intended to use major emerging techs like blockchain.  Last April, Prime Minister and Vice President of the UAE initiated the “UAE Blockchain Strategy 2021” plan, with the aim of obtaining the position of an international leader in taking on the latest technology.

In July, DIFC or Dubai International Financial Centre also announced its joint venture with Smart Dubai to create a  “Court of the Blockchain.”  The objective of this organization is to discover the possibility of the technology in solving the issues of the United Arab Emirates legal system. Like for instance by introducing confirmation of court judgments through blockchain.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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