Dubai Finance Department goes a step further to turn the UAE into a "Blockchain country"
Innovation is a very important issue for the United Arab Emirates (UAE). Being at the forefront of technology has become a priority for this Middle Eastern country, which is why its government has taken different measures to make its cities as futuristic as possible. And the adoption of Blockchain is part of their plans.
The Dubai Finance Departments (DoF), in partnership with the Smart Dubai Office (SDO), launched a payment system based on blockchain technology.
The new platform, called "Reconciliation and settlement of payments", is aimed at government entities, such as the Dubai Police, the Health Authority of Dubai, among others. Its objective is to improve the governance system, making it more precise and transparent.
In addition, this system would significantly streamline payments within and between government institutions, which would go from being a process that required up to 45 days to complete any transaction to perform operations in real time.
The platform is already being tested by the Dubai Water and Electricity Authority and the Human Knowledge and Development Authority, reaching a total number of transactions exceeding five million.
This is part of the Smart City project presented by the political leaders of the United Arab Emirates in 2013, which seeks to create an intelligent ecosystem where cooperation between government institutions, local people and visitors is simple. According to the director general of SDO, Aisha Bin Bishr, Blockchain is "one of the most promising (emerging) technologies," reports CoinTelegraph.
And this is not the only initiative that the UAE government has in the sector. Its intention is to use the main emerging technologies, such as Blockchain, throughout the entire territory.
For example, in April of this year, the "UAE Blockchain Strategy 2021" project was presented, the country's Blockchain strategy whose objective is to position it as a world leader in the adoption of this technology.
Likewise, the Dubai International Financial Center announced that it would work with Smart Dubai to develop a "Blockchain Patio", whose purpose will be to provide the opportunity for different organizations to explore the different uses of technology and then create plans for their adoption. .
It is not surprising that the United Arab Emirates wishes to be at the forefront of technology; As one of the main destinations for luxury tourism in the world, they can not aspire to less. And, apparently, they consider that Blockchain will help them to maintain this precious position.