The introduction of Blockchain has leaped up the level of technology to a great extent. This innovation is a perfect example of technology blending in every possible corner. Blockchain is not just limited to financial transactions, it virtually records the value of every possible thing, which acts as a key aspect in acceptance of blockchain technology at a world-wide level. Understanding that the future lies in this technology, the Dubai Government has initiated a step forward to upgrade DubaiPay with the Block Chain technology. Let’s have a look…
The United Arab Emirates (UAE) holds Dubai, the most vibrant city has been growing in all the sectors of business. It embraces multiple zones in its arena that are meant for different business activities, like Dubai International Financial Centre, Dubai Techno Park, Dubai Design District, etc. The nation has been adopting multiple changes and has been upgrading in all sectors. The nation has been working tirelessly to transform itself as a business and investment hub. Of late, UAE has been actively adopting blockchain.
September 2018 turns out to be a technology-amping month for Dubai. Smart Dubai Office (SDO), an initiative taken by the Crown Prince of Dubai, is a technology hub built in collaboration with Dubai Department of Finance (DoF) blend that injects technology with blockchain to enter the retail markets payment platform DubaiPay. This helps in enabling the settlement of manual transaction reconciliation in real-time with a rapid speed and changes the work procedures of DoF. The main motive behind this was to increase the Government’s efficiency by linking everything on a virtual platform. On the other hand, the DoF needs to keep an eye on the transactions, settlements and reconciliations, and fund-transfer related matters. Before enabling block-chain into the big picture, this payment system has been tested by two most strong pillars of Dubai City, Dubai Electricity and Water Authority (DEWA) and Knowledge and Human Development Authority (KHDA). This resulted in an increase of the processing of transactions, more than 5 million. This provoked the city to accept the concept of block-chain into the financial segment through DubaiPay.
Blockchain is one of the most promising technologies in the current era and is the platform where future lies. The government has partnered with FinTech specialists to implement a citywide payment platform on blockchain technology. The announcement made also includes that a good number of government agencies will be included in the block-chain arena that will include Dubai Police, Roads and Transport Authority, Dubai Airports, Dubai Customs, Dubai Municipality and other local government bodies in the near future. The Government of Dubai has initiated its baby steps towards the blockchain technology and has found a path to link and transfer all the government transactions and documents on a blockchain by 2020.
Thus, you have seen that how the blockchain technology has traced its way in the government sector. Moving ahead, we can get a clear picture of all the business entities adopting this technology which will become a need then. If you are planning to initiate your business in Dubai or has a business and wants to know more regarding linking blockchain with your business, all you need to do is to have a word with one of the business consultants who can guide you and make you understand the process. Commitbiz does the same for you. We are one of the top business consultants in Dubai and have been helping business dreamers to set up business in UAE. If you have any doubt or want to seek even an advice, feel free to contact us – we’d be happy to help.