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Payment Reconciliation and Settlement

Product
Developers: Smart Dubai Office
Date of the premiere of the system: September, 2018
Branches: Government and social institutions

2018: Start of a system

On September 23, 2018 the Ministry of Finance of Dubai together with Smart Dubai Office company (specializes in development and deployment of technologies of the "smart" city) started payment system on the basis of blockchain technology. Service under the name Payment Reconciliation and Settlement is intended for service of the state departments of Dubai, in particular, of department of police, road and transport management, the Ministry of Health and other state agencies.

The Ministry of Finance and Smart Dubai Office are calculated that a system will increase efficiency of the state processes and also will allow to make payments in civil services and between separate departments. A blockchain system ensuring transparency of payments of different services and reduction of time for transactions became tasks new. At the old scheme on accomplishment of one transaction left up to 45 days.

In Dubai the payment system earned from a blockchain for state agencies

The first the new technology was tested by management of power industry and water resources and also management concerning education and development of the person. The total volume of trial transactions exceeded $5 million.

In 2017 Smart Dubai Office received the highest award at the Smart Cities Expo exhibition and the World congress in Barcelona for the best city project among 308 other commands. Their work represented the strategy of implementation and development of blockchain technologies in Dubai. The Smart City project was submitted to the vice president and the prime minister of the UAE in 2013 and got support of the government, the private sector and institutional partners for the organization of a rational ecosystem necessary for cooperation of government institutions, inhabitants and visitors of the city.

Smart Dubai Office is not the only initiative supported by the government of the UAE which intends to use such new technologies as a blockchain. For example, some organizations aim to study the technology potential for remedial action of a system of law of the UAE, notes the Cointelegraph edition.[1]

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