Smart Dubai Office (SDO), an initiative of UAE Prime Minister and Crown Prince of Dubai Sheikh Mohammed bin Rashid Al Maktoum, announced on Sunday the launch of a blockchain-based payment reconciliation and settlement system, TradeArabia reported. The platform was developed in collaboration with Dubai’s Department of Finance to integrate the emerging technology into its financial system.
The system leverages blockchain for various processes to help the department save time and reduce costs, primarily by speeding up transactions. Currently, department executives and staff have to reconcile and settle the payments manually. Thanks to the new platform, the process will be carried out at almost no cost and in real-time rather than over six weeks or so.
SDO director general Aisha Bint Butti Bin Bishr was present at the launch event, together with Dubai Electricity and Water Authority (DEWA) CEO Saeed Al Ta...
This article appeared first on Cryptovest