Blockchain Payment System For Govt Entities Developed By Dubai’s Department Of Financebr>
Called “Payment Reconciliation and Settlement” system, the new platform is intended to allow greater accuracy and real time processing of financial interactions between the DoF and other government agencies. According to the DoF, its current procedures are not only labor intensive but also a time-consuming process that could take up to 45 days.
“The new and advanced ‘Payment Reconciliation and Settlement’ System offers Dubai Government entities many significant benefits,” said H.E. Wesam Lootah, CEO of the Smart Dubai Government Establishment (SDG). “Besides enabling near real-time reconciliations and settlement, the system eliminates friction from financial processes through automation and minimizing human intervention. It allows for clear visibility of funds, immediate disputes and claims resolution, transparency and immutability of financial records.”
The first government agencies to join the system are the Dubai Electricity and Water Authority (DEWA) and the Knowledge and Human Development Authority (KHDA). The two entities have already processed a combined total of more than five million transactions using the blockchain system.
“Ensuring the success of the ‘Payment Reconciliation and Settlement’ system requires fostering collaboration and synergy among the various Government entities that have joined – or are planning to join – the system, considering that it calls for each entity to open its data and work hand-in-hand with other departments from across the Government spectrum,” said Dr Aisha Bint Butti Bin Bishr, Director General of the Smart Dubai Office (SDO).
Other local government agencies are expected to join the system in the coming period, including the Dubai Police, the Roads and Transport Authority (RTA), the Dubai Health Authority (DHA), Dubai Airports, Dubai Customs, Dubai Municipality, Department of Tourism and Commerce Marketing (DTCM), Dubai Courts; and Dubai Holding.
“We, at Smart Dubai, consider technology to be a means for us to help improve people’s quality of life and spread happiness among them,” Lootah said. “Correctly applied across various key sectors, we believe blockchain has massive potential to achieve our emirate’s ambitions for a fully-fledged smart transformation. In 2018 alone, investment in this game-changing technology surpassed that of all the previous years combined, and analysts project the global blockchain market to be worth $290 billion by 2019.”