Smart Dubai And IBM’s Dubai Blockchain Platform To Serve As Stepping Stone For Testing

Smart Dubai and IBM recently announced the launch of their Dubai blockchain platform, the first blockchain-based network to be endorsed by the government in the UAE. Although the platform has been built locally in the UAE, it has been delivered by an IBM Cloud environment. The platform is enterprise-ready and will serve as the stepping stone for the companies in the UAE. It will also help the organizations at the global level to transition their testing of blockchain and also to develop it into full production.

According to reports, the new platform will also contribute towards the transformation and digitalization of applicable processes of the government and citizen services. The announcement of this platform comes in the heels of Dubai’s consistent efforts towards encouraging the use of blockchain technology in its country and to ensure that by 2021, the emirate government becomes paperless.

IBM has been named the official partner of Smart Dubai in the Dubai Blockchain Strategy and under this platform, Dubai has launched various blockchain technology-based applications in lots of government entities across myriad sectors including energy, transport, roads, education, and healthcare.

The recently launched Dubai Blockchain Platform will integrate digitized services and experiences that are run on IBM Blockchain into the day-to-day lives of the citizens. Last month the Dubai Blockchain Strategy launched Dubai Pay Blockchain Settlement and Reconciliation System. It will be the first project to migrate on the new blockchain platform, Arabian Business reported.

This service will reduce the time taken for reconciling and settling the payments with banks, financial institutions, and government entities. Earlier these processes used to take around 45 days to reconcile and settle transactions. Now it will be possible to settle these processes in real-time.

According to Venture Beat, the Dubai Blockchain Platform will follow the standards issued by the Dubai government’s Information Security Regulation (ISR). The platform will be empowered by LinuxOne, the mainframe technology by IBM with the capacity to run over 6.2 web transactions in a day.

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