DubaiPay is recognized way of online transactions in Dubai and now it is being powered by Block chain technology. Mira Sultan Obaid Abdul Rahman, director of smart services told GulfNews the stratedy was to increase Government Efficiency by transferring all transactions to the block chain network. According to the spoke person, the Department of Finance (DOF) would be working behind the scene for reconciliations, any settlements or refunds etc. According to her, the payment and reconciliation process was sequential and would take up to 45 days from the day a user makes a payment. This would be another step towards Dubai’s goal of becoming the world’s first block chain powered government by 2020.
With the help of blockchain technology developed by Avanza Solutions, DubaiPay now has the ability to monitor transactions in real time. Mira Sultan Obaid Abdul Rahman explained:
There is no real-time monitoring of the transaction in the old system and with blockchain, the whole process can be monitored in real time.
Dr. Aisha Bint Butti Bin Bishr, Director General of Smart Dubai said: Dubai has long been a trailblazer in embracing avant-garde technologies – most notably those of the Fourth Industrial Revolution. Block chain is one of the most promising of these technologies, attracting more investments every year.
DubaiPay portal has more than 41 entities (27 government and 14 non-government) connected to the platform. In the first phase, she said that Dewa, Knowledge and Human Development Authority (KHDA) were the first government agencies to join the system, apart from Emirates NBD and Network International to participate in the banking related procedures. Dewa and KHDA have already processed more than five million transactions using the blockchain system. In 2017, Mira Abdul Rahman said that DubaiPay has collected Dh13 billion from 9.4 million transactions, an increase of 17 per cent compared to 2016.