Blockchain

Blockchain Dubai News: DubaiPay To Allow Reconciliation And Transaction In Real-Time

The blockchain news about the launch of DubaiPay by Smart Dubai created quite a ripple in the country. The online payment portal based on blockchain technology allows settlement of transactions and reconciliation in real-time. According to the director of the smart services-enablement department and the Smart Dubai Government, Mira Sultan Obaid Abdul Rahman, the portal will increase the efficiency of the government by transferring all the transactions related data to the network of the blockchain.

According to Rahman, the Department of Finance (DoF) of Smart Dubai would overview the settlements, disputes, reconciliations, refunds and other related issues. She further added that the overall process of reconciliation and payment is sequential and hence will take around 45 days to complete from the day a user has issued a payment.

Rahman stated that the DoF will also fulfill some manual work. It will include exchanging files between banks and entities before making a final payment to the involved entity. The earlier system did not have real-time monitoring of transaction.

However, Rahman added that in the new blockchain-based DubaiPay portal, the entire process is monitored in real-time.

While talking in detail about the blockchain news, Rahman said that although blockchain will not replace the existing technology it will surely complement it and can be introduced to many other industries such as property, identity, energy, healthcare, loyalty programs, trading and more, says Gulf News.

The current procedures of DoF rely mostly on physical work carried out by the staff members. The process involves collecting payments from different portals, reconciling them manually and then settling them. Importantly, the process also involved deducting the fees and then the remaining amount is transferred to the authority. It is a highly time-consuming process that takes more than 45 days to complete, says Tahawultech.com.

The director general of SDO Dr. Aisha Bint Butti Bin Bishr while talking on the blockchain Dubai news stated that smart technologies now infiltrate all the aspects of societies and human lives. She added that today’s lives fully or to some extent relies on advanced technology which was previously considered disruptive.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Sangati has graduated in biological sciences and also has completed P.G. Diploma in Mass Communication. She has an experience of 14 years writing for leading ad agencies, corporate and media houses, online news channels and websites. She is passionate about writing, reading, music and traveling. Sangati writes blockchain and cryptocurrency news for OWLT Market.

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