This week, Dubai’s project called Smart Dubai made it possible to have the payment portal of the government become blockchain-based. The initiative’s goal is to make the city the happiest and smartest in the world.
Several years ago, Dubai was merely a small fishing village right in the middle of the Arabian desert. Today, it is an important business hub and a favorite tourist destination. The city will host an Expo, which will still be in 2020 but it is already much talked about. However, Dubai has a more ambitious plan: to become the first ever blockchain government in the world by 2020.
The Smart Dubai Project
The public-private partnership between the government and the city has led to the creation of the Smart Dubai initiative in which the aim is to generate a smart city. It will create a seamless experience of the citizens and an even better city government with the help of the blockchain technology.
The groundbreaking project will allow the government to ensure the city provides various services using the blockchain. It means all services from bill payments to visa applications to license renewals will be performed digitally with the mentioned technology. License renewals alone involve more than 100 million documents every year.
Smart Dubai spearheads the initiative. With such development, Smart Dubai believes that the project could help save more than 25 million work hours. The move will also aid in saving over $1.5 billion since it will use the unalterable data capabilities of the technology.
DubaiPay to Use Blockchain Technology
The online payment portal called DubaiPay will begin to utilize blockchain technology to manage payments in real time. The government is working on 20 use cases in which it will have blockchain to match its current operations, including land registry transactions.
Dubai’s government has partnered with Consensys and IBM, which will act as its advisors to further the goals and provide assistance for the Smart Dubai initiative.
DubaiPay is a joint effort of the Department of Finance and the SDO to enable it with blockchain. This payment platform supports a total of 40 agencies, including both government and non-government agencies. In 2017, DubaiPay collected $35 million of settlements and other transactions. With the new system, it will become much faster for consumers to make payments in real-time.
A Technology-Conscious Authority
The city has always been a force in technology with several projects accomplished just recently. An example is the autonomous flying taxi, which Dubai has already tested. It also enrolled the first ever robot in the police service just last year. It is one of the few states with a minister who is appointed to oversee the Artificial Intelligence department.
Earlier this year, Dubai Tourism announced the refurbishment of the office’s current system, which now includes a blockchain-based online marketplace. Additionally, the Roads and Transport Authority also publicized a vehicle management system that will use blockchain by 2020.
Dubai is always ready for transformation and is not afraid of changes. With the digitization of its services, it is indeed aptly nicknamed the “City of the Future.” Dubai has heavily invested in the blockchain technology, and the Smart Dubai Office (SDO) team is confident that the project will be completed even before 2020.