Dubai Finance Department launches Blockchain-based payment system

The Dubai Finance Department has partnered with the Smart Dubai Office (SDO) to launch a payment system inside the government based on Blockchain technology, called "Reconciliation and Settlement of Payments".

The new platform, titled "Reconciliation and Settlement of Payments", was officially launched on Sunday, September 23. It will be targeted at government entities such as the Dubai Police, the Road and Transport Authority and the Dubai Health Authority, among others.

According to a local media body, the Dubai Finance Department and SDO want the system to provide a more precise and transparent governance process, as well as allowing real-time payments within and between government structures. The current process for transactions in the Dubai government requires a maximum of 45 days to complete operations.

The new system is already being used by the Dubai Electricity and Water Authority and the Human Development and Knowledge Authority with a total number of test transactions totaling more than five million.