IBM and Smart Dubai in partnership to launch the “Dubai Blockchain Platform,” which is the first government-approved blockchain platform in the UAE.
The Dubai Blockchain platform is likely to be hosted in the UAE while it will run on the IBM cloud environment. The platform will be used for government blockchain projects with indications that it will be offered to the private sector.
The platform is projected to give organizations access to blockchain technology with the potential of scaling from testing to develop into a full production. This will further ensure that data stays within the UAE. The Dubai Blockchain platform will be compliant with the Dubai government’s Information Security Regulation (ISR).
The platform, which will be built on the IBM Cloud environment, will be able to deliver blockchain services according to an IBM official. It will operate on the IBM’s mainframe technology, LinuxONE, which has the capacity of running over 6.2 billion web transactions daily.
The Director General of the Smart Dubai Office (SDO), Her Excellency Dr. Aisha Bint Bin Bishr elaborated that the platform being launched in collaboration with IBM will further make a statement in their quest to power all blockchain applications in Dubai through a united portal. It is important to note that IBM has a great wealth of expertise and insights in the tech industry.
First Project launched on the Dubai Blockchain platform
On 23 September 2018, the Dubai Pay Blockchain Settlement and Reconciliation System was launched. The Dubai Blockchain platform will have the Dubai Pay Blockchain Settlement and Reconciliation system as its first project on the platform. Through this service, many things will be reduced to real time. For instance, it will take a lesser time to process various entities unlike before where it may take about 45 days to reconcile and settle payments with banks, government entities, and financial institutions.
CEO of the Smart Dubai Government Establishment (SDG), Wesam Lootah indicated,
As Dubai persists on its path to becoming a world leader in the industries of the future, Blockchain technology will occupy an increasingly significant status in Governments’ and organizations’ day-to-day undertakings, as well as in individuals’ everyday lives. The blockchain is steadily moving towards becoming a multi-billion 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’, which eliminates friction from financial processes between government entities through automation and minimal human intervention. And with the launch of the Dubai Blockchain Platform today, we will be one step closer to implementing Blockchain-powered services and experiences into citizens’ day-to-day lives.
The aim of the Smart Dubai is to run all government applicable transactions on the blockchain while making Dubai a universal standard for citywide blockchain implementation.
In his statement, the General Manager of IBM Middle East and Pakistan, Amr Refaat expounded that this first of its kind service will help in meeting the growing demand of organization looking to adopt the blockchain technology in a low-cost manner. He further added that the blockchain offers an additional layer of transparency and trust among government businesses and organizations while helping to make collaboration more efficient.