Smart Dubai Partners with IBM on Local Blockchain Platform
The Smart Dubai initiative, a campaign of the Dubai city government, has teamed up with global tech powerhouse IBM on a new blockchain. The platform is to facilitate local commerce, development of domestic blockchain projects, and bureaucratic digitization efforts.
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With a Mind Toward Going Paperless
Striving to actualize a paper-free local government by 2021, Smart Dubai and American multinational IBM have announced their collaboration on the Dubai Blockchain Platform, a distributed ledger that will leverage the IBM Cloud.
The blockchain-as-a-service system will reportedly be deployed for the purposes of modernizing and digitizing both private commerce and public bureaucracy in Dubai, the capital of the United Arab Emirates.
“Blockchain is steadily moving towards becoming a multibillion market by 2019 and we, at Smart Dubai, have successfully embedded the technology in numerous services, the latest of which was the advanced ‘Dubai Pay Blockchain Settlement and Reconciliation System,'” noted Wesam Lootah, chief executive officer at Smart Dubai. “[It] eliminates friction from financial processes between government entities through automation and minimal human intervention.”
Powering the underlying platform is IBM’s highly secure LinuxONE server system, which boasts throughput capabilities of 6.2 billion transactions per day.
Leveraging such capabilities, the aforementioned Blockchain Settlement and Reconciliation application has already accelerated payment processing times in different departments of the Dubai government from 45 days to almost instantaneously. It is but one use case of several currently in the works for the newly announced distributed ledger platform.
Becoming an International Blockchain Center
Dubai, a major business hub in the Middle East, continues to press near the vanguard of global blockchain adoption.
The UAE capital could potentially save more than $1 billion USD annually in document handling expenses if the city’s blockchain embrace goes off without a hitch, CEO Lootah and his subordinates maintain. If so, other nations will surely take notice.
The Dubai Blockchain Platform isn’t Smart Dubai’s only crypto interest as of late, either.
Will Dubai’s blockchain initiative encourage other Arab countries to embrace blockchain technology? Share your views in the comments section.
Images via Pixabay