Dubai announced this week it has signed a Memorandum of Understanding (MOU) with Avanaza Solutions IT company to move ahead with plans to implement a citywide blockchain-based payments platform, according to a press release issued by the firm.
The deal was signed by Aisha Butti bin Bishr, the director general of the Smart Dubai Office, a government body in charge of implementing innovations and new technologies in the city, and will allow around 38 governmental entities to process instant payments and reconciliations through Avanaza’s special Cipher platform. The blockchain technology is a decentralised digital ledger that facilitates secure online transactions.
The blockchain technology could help the world’s biggest investment banks cut their infrastructure costs by $8 to $12 billion a year by 2025, Reuters reported in January.
For more on Dubai’s blockchain plans:
- Blockchain technology gains traction in Dubai
- Dubai rapidly moving toward becoming the first Blockchain powered city by 2020, says IT expert
- Dubai RTA's innovation lab discusses blockchain technology impact on RTA strategy
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