The Smart Dubai Office, a government-backed initiative led by the Crown Prince of Dubai has partnered a FinTech specialist firm to implement a citywide payments platform based on blockchain technology.
The government initiative has entered a memorandum of understanding (MoU) with FinTech consulting and development firm Avanza Solutions, signed in the presence of Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai.
Announced by Avanza quietly last week, the sweeping citywide project planned by the Smart Dubai Office will see a rollout of the blockchain payments platform to all existing 38 partner government entities, financial institutions and other departments in the city of Dubai.
Avanza’s proprietary blockchain ‘Cipher’ is the chosen platform selected by the smart city initiative. Cipher was picked for a pilot project under the Dubai Future Accelerators program earlier in February this year. The pilot, launched in collaboration with Dubai’s largest bank Emirates NBD and the Dubai Smart Government, proved successful. Emirates NBD has notably conducted blockchain-based international remittance trails with an Indian partner last year.