Smart Dubai and IBM have launched Dubai Blockchain Platform, the first government-endorsed blockchain platform as-a-service in the UAE. Delivered through an IBM Cloud environment and built locally in the UAE, the enterprise-ready platform will serve as a stepping stone for organizations in the UAE and globally to transition their blockchain testing and development into full-production. It will also transform and digitize applicable government processes and citizen services.

The new Dubai Blockchain Platform will help integrate digitized services and experiences run on IBM Blockchain into citizens’ day-to-day lives. Organizations will also benefit from keeping their data in-country and conducting transactions locally, and in turn, lower operational costs.

The platform will conform to the Information Security Regulation standards issued by the Dubai Government. It will also be powered by IBM’s mainframe technology, LinuxONE, which is capable of running more than 6.2 billion web transactions per day.

The Dubai Pay Blockchain Settlement and Reconciliation System, officially launched on September 23, will be one of the first projects to migrate onto the Dubai Blockchain Platform. Through this service, a process that used to take entities approximately 45 days to reconcile and settle payments with other government entities, banks and financial institutions, is now reduced to real time.

“In the past few years, Dubai has seen the launch of various blockchain PoCs, pilots and applications in a number of government agencies across different sectors, including roads and transport, energy, health and education. Through the new service, these organizations will have the ability to transition their blockchain developments into full-scale production,” said Amr Refaat, General Manager, IBM Middle East and Pakistan.

“Recently, we have worked with the Department of Economic Development in Dubai to launched its unified corporate registry on IBM Blockchain. The aim of the registry is to digitize the process of issuing business licenses and exchanging commerce information for business owners, investors, entrepreneurs and start-ups, enabling them to conduct transactions digitally in real-time and in a trusted and secure environment. We have also worked with Dubai Airport Freezone Authority to transform and automate the free zone commercial licensing and renewal process,” Refaat said.