We often cover interesting facts from the world of cryptocurrency and blockchain as well as talk about the state of affairs in regards to modern technology adoption in Armenia. However, today we turn our eyes to foreign countries and their experience, namely, to the UAE.
The media reports the Financial Department of Dubai together with Smart Dubai Office, a tech company, has launched a blockchain-based payment system.
The service is called "Payment and settlement coordination" and is designed to serve government institutions of Dubai, namely the police department, road and motor vehicles authority, healthcare authority, etc.
It is fairly obvious that the main goal of this new blockchain system is to bring transparency to public department financial matters and make transactions faster.
The payment system is already operational in test mode.
Energy and Water Resources Department along with the Education and Human Development Department were the first to try out the new service.
The total number of transactions is recorded at 5 million. We would also like to remind you that this is not the first case of blockchain adoption in Dubai. Just last year the city authority has moved the rights registration process onto blockchain.