- Reducing expenses
- $6.2b transactions per day
The first government-approved blockchain platform
Smart Dubai and IBM Blockchain today announced the launch of the Dubai Blockchain Platform, the first government-approved blockchain platform in the United Arab Emirates (UAE). Delivered through the IBM cloud environment and built locally in the UAE, the platform designed for enterprises will be the starting point for organizations in the UAE and globally to transfer their testing and development blocks into full-scale production.
Integration of blockchain into the daily live
It will also transform and digitize applicable government processes and citizen services. Through collaboration with IBM and Smart, Dubai seeks to execute all applicable government transactions on the blockchain and make Dubai a global benchmark for implementation across the entire blockchain network. In Dubai, efforts are being made to promote the use of the blockchain in order to turn the emirate into a paperless government by 2021.
As part of the Dubai Blockchain strategy, for which IBM is the official strategic partner of the blockchain, Dubai has launched the launch of various blocking applications in a number of government agencies in various sectors, including roads and transport, energy, health care and education. The new Dubai Blockchain Platform will help integrate digitized services and IBM Blockchain experience into the daily lives of citizens. Organizations will also benefit from storing their data in the country and conducting transactions locally and, in turn, reducing operating expenses. The platform will comply with information security regulation (ISR) standards issued by the government of Dubai. It will also be equipped with IBM mainframe technology, LinuxONE, which can process more than 6.2 billion Internet transactions per day.
The system of settlement and application of Pay Paychain Dubai Paychain, officially launched on September 23, will be one of the first projects to switch to the Dubai Blockchain platform. Thanks to this service, the process that is used to attract companies for about 45 days for coordination and settlements with other government agencies, banks and financial institutions is now reduced to real time.