Yesterday the Smart Dubai Office (SDO) launched a blockchain-based Payment Reconciliation and Settlement system according to news source
Zawya. SDO developed the system in collaboration with the Dubai Department of Finance.
Currently, the Department of Finance collects payments from citizens via online portals. Staff members manually reconcile and settle the payments and transfer the amounts to other departments. Because it’s a manual process, this can take up to 45 days. The blockchain initiative automates this reconciliation process.
Hence the benefits are automation, near real-time reconciliation, visibility of funds, quick dispute resolution, and the transparency and immutability of financial records.
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