2019 BAI Global Innovation Award Finalist
In a multiparty, blockchain-based consortium, Emirates NBD alongside Smart Dubai, Network International, and Avanza Innovations implemented a blockchain solution that has reduced payment reconciliation and settlement time from 45 days to near real time. The platform reconciles payments between two entities, the Dubai Electric & Water Authority (DEWA) and the Knowledge and Human Development Authority (KHDA), with the Department of Finance. The solution is based on Hyperledger, hosted as “blockchain as a service” by Smart Dubai. Since the launch of the platform, DEWA and KHDA have processed more than five million transactions using the blockchain solution, while providing clear visibility and faster claims resolution. Going forward, several other government entities connected to the DubaiPay portal are expected to join this platform.