Dubai Welcomes Citywide Blockchain Payments System

Dubai Welcomes Citywide Blockchain Payments System

The Smart Dubai Office, a government-backed initiative, has worked with a FinTech specialist firm to implement a citywide payments platform based on b

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The Smart Dubai Office, a government-backed initiative, has worked with a FinTech specialist firm to implement a citywide payments platform based on blockchain technology.

The government project has signed a memorandum of understanding (MoU) with FinTech consulting and development company Avanza Solutions. This happened in the presence of Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai.

“Through Cipher, Avanza has successfully delivered an immutable, agile and instant reconciliation and settlement platform to Smart Dubai Office for DubaiPay payment platform. The pilot project was delivered in collaboration with Dubai Smart Government and Emirates NBD – the largest retail banking franchise in Dubai and the market leader across core business lines.”, according to Avanza`s announcement available at avanzasolutions.com.

Dubai`s blockchain interest started with the launch of “Dubain Blockchain Strategy”, a government initiative that plans to transfer and maintain all documents of the Dubai government on a blockchain by 2020.

“I am confident with Avanza’s expertise in payment solutions combined with their Cipher blockchain platform, they will support the Smart Dubai Office with technology that not only bridges current gaps but also becomes a vital piece in Smart Dubai’s roadmap for payment processes in the near future.”, said Dr. Aisha Butti bin Bishr, director general of Smart Dubai.

Another similar venture is the possible collaboration between Dubai`s government and technology company IBM. The goal is to develop a blockchain platform for trade finance.

Time will show how Dubai will position itself with regard to implementing the blockchain technology in various sectors.

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