According to reports, Smart Dubai and IBM have collaborated to offer the Dubai Blockchain Platform in the UAE. This will be the first blockchain platform endorsed by the government as-a-service in the UAE.
Built in the United Arab Emirates and delivered through an IBM Cloud environment, the enterprise platform will act as a foundation for UAE organizations who want to transition their blockchain development and testing into full production.
Transforming and Digitizing Citizen Services and Government Processes
Dubai has led efforts to encourage blockchain use in the UAE. The vision is to ensure that the emirate transitions into a paperless government before 2021. Dubai has launched blockchain applications for various government entities as part of the Dubai Blockchain Strategy. IBM has being the official Blockchain Strategic Collaborator having lauched blockchains for the energy, education, health care, and roads as well as transport sectors respectively.
The new Dubai Blockchain Platform is designed to help integrate digitized experiences and services run on the IBM Blockchain into the day to day lives of citizens. Organizations will also greatly benefit from keeping their information in-country. They will also be conducting transactions locally, which will automatically lower the operational costs.
The Platform Will Be Powered by IBM’s Mainframe Technology
The new Dubai blockchain strategy platform is going to conform to the ISR (Information Security Regulation) standards as issued by the government of Dubai. It will be powered by LinuxOne, IBM’s mainframe technology. This technology is capable of running over 6.2 billion web transactions everyday.
Dubai’s Pay Blockchain Settlement and Reconciliation System, which was officially launched this year September, will be among the very first projects to migrate into the new Dubai Blockchain Platform. By means of this service, a process that typically used to take business entities approximately 45 days for reconciliation and settling payments with a host of other government entities, including banks, and financial institutions will now be reduced to real time.
This collaboration with IBM, means that it is the aim of Smart Dubai to run all related government transactions on a blockchain. The goal is to make Dubai a global springboard for citywide blockchain adoption or implementation.