Avanza signed to provide blockchain solution for Smart Dubai
MoU with Smart Dubai will see Avanaza Cipher used for city-wide blockchain system
Smart Dubai Office has signed an MoU with Avanza to implement a citywide blockchain-based payments platform.
The MoU, which is under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, will see Avanza provide its Cipher blockchain platform to develop a blockchain instant payment system which will be rolled out to 38 government entities and financial sector partners of Smart Dubai.
The project builds on a pilot which was created as part of the Dubai Future Accelerators program, which used Cipher to create an instant reconciliation and settlement platform. The pilot was developed in collaboration with Dubai Smart Government and Emirates NBD.
The MOU was signed by Dr Aisha Butti bin Bishr, director general, Smart Dubai and Waqas Mirza, managing director and chief marketing officer, Avanza Solutions is in line with His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum's vision to transform Dubai into the first Government in the world to execute all applicable transactions on the blockchain by 2020.
Smart Dubai Office now plans to roll out Cipher across all its existing 38 partner government entities, partner financial institutions and Departments to set up the first blockchain-based building block within its financial plumbing. Avanza Solution's Cipher platform will enable each of these entities to process instant payment payments and reconciliations across the Cipher network, to create a streamlined process for more efficient and effective service.
Dr Aisha Butti bin Bishr commented: "I am confident that Avanza Solutions' expertise in payment solutions combined with their Cipher blockchain platform, will support the Smart Dubai Office with technology that not only bridges current gaps but also becomes a vital piece in Smart Dubai's roadmap for payment processes in the near future."
Waqas Mirza said: "The Dubai Future Accelerators program provides a unique opportunity for top companies and cutting-edge entrepreneurs to work alongside leading government entities in Dubai to create breakthrough solutions together, and enables these ideas to become a reality implemented on a city-wide scale.
"Taking on innovation-led challenges is in Avanza Solutions' DNA. We go out of our way to seek challenges that compel us to push boundaries and this passion is instilled in everything we do. We are extremely happy and proud to be a part of this extraordinary program and take part in Dubai's transformation to become the region's technology and innovation hub."