Dubai Premieres Blockchain Payment Reconciliation and Settlement for UAE

Mass adoption for blockchain technology may be closer than some within the community predict. Although the trend is for blockchain tech to become first integrated into existing financial systems, the past three years have yielded several important use cases for blockchain technology in a variety of different sectors—not all of them financial in nature. Perhaps the integration most important to the eventual mass adoption of cryptocurrency technology, though, is the use of the tech in the public sector for governmental purposes.

When a government begins to use a technology like blockchain, the perceptive benefit for the industry is significant to say the least. For a sector seriously lacking in community and investor interest and faith in the past couple years, it is important that the crypto space gain access to the kind of industrious legitimacy that only a governmental support can lend to it. In this light, recent actions by the government of Dubai are a major boon to the blockchain industry, and to the overall cryptocurrency community.

The country has recently announced the launch of a new platform named the “Payment Reconciliation and Settlement.” The platform is based in blockchain technology, and is poised to help to provide a better sense of accuracy and transparency to the process of payment reconciliation. Though the applications will vary, the target entities within Dubai are generally governmental in nature, including Dubai Police, the Roads and Transport Authority (RTA), and the Dubai Health Authority (DHA).

Already in Pilot

The new blockchain system is already being used by two unique governmental authorities. According to the country, both the Knowledge and Human Development Authority, or the KHDA, and the Dubai Electricity and water Authority, DEWA, are using the new system to try to innovate and expedite their own payment processes. Testing has already been relatively extensive, and experts posit that it could be a good sign for the system. Data is being collected now on over five million unique transactions that have been conducted on the network since its inception.

A Pervasive Governmental Issue

This blockchain technology is part of a bigger governmental prerogative to respond to one of the biggest issues in the public sector—inefficiency. According to local news site in Dubai, it can take somewhere near 45 days for a government transaction to be completed. This spells big trouble for agencies like the Dubai Police Department, who often need to be able to process payments as quickly and as effectively as they possibly can.

The team behind the project has already won major support from entities all over the world. At the Smart Cities Expo in Barcelona, the group of developers behind the public project were awarded the “City Project Award,” a gift awarded to companies who have best used blockchain technology to contribute to the public good.

Since then, the project won the vocal support of both the Prime Minister of the United Arab Emerites and the Ruler of the Dubai district.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,441FansLike
2,795FollowersFollow
4,193FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex & Tether Class Lawsuit Revised; Adding Bittrex and Poloniex to Alleged BTC Price Manipulation

Revised lawsuit on Bitfinex’s alleged price manipulation of the market using Tether (USDT) during the 2017 bull run to $19,800 has added two...

‘Masked Hero' Calling to ‘Buy Bitcoin' Amidst the Peaceful Protests and Riots in the US

Bitcoin is taking an active part in the riots across America. People are protesting since last week over the death of George Floyd,...

DiversiFi, Formerly Ethfinex, Launches Its DEX 2.0 With Starkware; Processing 9,000 + TPS

Bitfinex sister decentralized exchange, DEX in short, DiversiFi, which relabeled from Ethfinex in August last year, announced a relaunch of their platform, now...

Bitcoin Difficulty Sees 2nd Largest Drop of 2020 to 9.29%; Hashrate & Price Continue to Dance

Today, the bitcoin network difficulty took a drop of 9.29% to 13.73 trillion, as per Coinwarz. This is the fourth downwards adjustment this year after...

Japan’s Top Banks Join Crypto Exchange-Led ‘Study Group' to Discuss Digital Payment System

Three Japanese banking industry heavyweights are joining arms in a study group to focus on digital payment settlement networks in the country. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today