Avanza Solutions has signed a memorandum of understanding with Smart Dubai Office to implement a citywide blockchain-based payments platform.

The MoU was signed by Dr Aisha Bint Butti Bin Bishr, director general of Smart Dubai, and Waqas Mirza, managing director and chief marketing officer, Avanza Solutions to transform Dubai into the first in the world to execute all applicable transactions on the blockchain by 2020.

Avanza’s blockchain platform Cipher was selected to deliver a pilot project to provide an instant reconciliation and settlement platform to Smart Dubai Office for DubaiPay payment platform.