The combined efforts of these two popular firms (Smart Dubai and IBM Dubai) in the middle east has led to the successful launch of a new blockchain network to be endorsed by the ruling government. The service was designed to be delivered through an IBM Cloud environment built in the UAE and it is believed that organizations will benefit massively from this new development.
Dubai has been leading efforts to encourage the use of blockchain, with a vision to make the emirate a paperless government by 2021. As part of the Dubai Blockchain Strategy, for which IBM is the official Blockchain Strategic Partner, Dubai has seen the launch of various blockchain applications in a number of government entities across different sectors, including roads and transport, energy, healthcare and education.
IBM has been named the official partner of Smart Dubai in the Dubai Blockchain Strategy and under this platform, Dubai has launched various blockchain technology-based applications in lots of government entities across myriad sectors including energy, transport, roads, education, and healthcare.
Reports also reaching us states that it has not been long the country launched the Dubai Pay Blockchain Settlement and Reconciliation System, stating that it would be the first project to migrate to the newly launched blockchain platform, as was reported by Arabian Business Papers.
This service will reduce the time taken for reconciling and settling the payments with banks, financial institutions, and government entities. Earlier these processes used to takearound 45 days to reconcile and settle transactions. Now it will be possible to settle these processes in real-time.