Avanza Innovations delivers Blockchain based Reconciliation and Settlement project to Smart Dubai for DubaiPay
Smart Dubai on Sunday 23rd September integrated Blockchain technology into its online payment portal, DubaiPay, to allow reconciliation and settlement transactions to be performed in real time.
26th Sept, 2018; Dubai, United Arab Emirates – The Blockchain based Reconciliation & Settlement project was awarded to Avanza out of all the participants of the Dubai Future Accelerator program and the project team was formed between Smart Dubai and Department of Finance.
Avanza reduced the payment and reconciliation sequential process of 45 days, from the day a user makes a payment, to real-time. Avanza’s Blockchain based reconciliation and settlement platform on CIPHER allows reconciliation and settlement transactions to be performed accurately, efficiently and in real-time.
Avanza’s Blockchain based Reconciliation & Settlement Platform is an inter-organization solution that helps organizations reconcile financial and non-financial transactions and records in real time through a trust based network. The solution is offered in both on-premise, as well as cloud models. The solution is Blockchain agnostic and can be set up for a consortium of organizations on any of the prevailing Blockchains such as Hyperledger Fabric, Hyperledger Sawtooth, Quorum, Ethereum etc.
“We, at Smart Dubai, consider technology to be a means for us to help improve people’s quality of life and spread happiness among them. Correctly applied across various key sectors, we believe Blockchain has massive potential to achieve our emirate’s ambitions for a fully-fledged smart transformation”Smart Dubai Government Establishment (SDG) chief executive Wesam Lootah added of the “game-changing technology”:
“The DoF has to do some manual work such as exchanging files between them, banks and the entities before a final payment is made to the entity. There is no real-time monitoring of the transaction in the old system and with Blockchain, the whole process can be monitored in real time“Mira Sultan Obaid Abdul Rahman, director of smart services enablement department at Smart Dubai Government
“At Avanza we work with the region’s most forward thinking governments and organizations to bring cutting edge technologies to life. When we were set the task in August 2017 to build the region first City-Scale Blockchain solution – our R&D concluded that nothing of this scale existed from a global context. But with the SDG’s immense support and the efforts of our technology teams we were able to build and deliver a solution that is testament to Dubai’s vision to be the Blockchain capital of the world. This is no small task that has been done – we are extremely grateful to teams from DEWA (Dubai Electric & Water Authority), KHDA (Knowledge and Human Development Authority) , NI (Network International) and Emirates NBD Bank for being the first adopters and participants of this platform. We are also extremely grateful to the SDG and SDO leadership and teams who put their faith and trust in us to bring this vision to life“Mr. Waqas Mirza, CEO – Avanza Innovations
Avanza as of now, is involved in many such implementations across a number of verticals in different territories and aims to create many more success stories with our customers and partners.
Avanza in the press
Avanza Innovations, CIPHER picked up the award for the second time at this year’s ceremony. The award was given because of the massive inroads Avanza has made in enable digital governance throught Blockchain.
07 September 2018; Islamabad, Pakistan –
Held at the Serena Hotel, the 14th iteration of the awards honored Avanza’s Blockchain orchestration and governance platform, Cipher. The P@SHA ICT Awards recognize the achievements of innovators, acknowledging creativity and excellence in the Information and Communications Technologies sector. There were a total of 9 categories, comprising of 37 awards. Finalists are selected by a diverse group of experienced judges and winner from each category is awarded.
Avanza has been leading the Blockchain space in the Middle-East and Asia with active projects and implementations across multiple public and private sector organizations. Cipher is Avanza’s Blockchain implementation and orchestration platform. Built with the future in mind, Cipher is a platform agnostic solution that can ride on any underlying Blockchain technology (Ethereum, Hyperledger, Ripple etc.).
The company has also been the driving force behind key advancements in Blockchain technology adoption in the region. Cipher has seen them create the very first city-wide smart applications and solutions that are empowering region as a whole.
“At Avanza, we strive to stay at the cutting edge on the lookout for new possibilities that can make the world a better place. Our passion for innovation is fueled by the desire to create applications that touch the lives of millions. I am delighted to accept this award from PASHA, it is a testament to the hard work put in by our team”Mr. Omer Ahmed Khan (Director – Avanza Group) received the award and said at the event
About Avanza Innovations
Avanza Innovations is the latest venture of Avanza Group of Companies – an 18 year old technology power house that has 300 customers across 45 countries, and processes 12 million transaction every day.
Avanza Innovations was established in July 2017 to focus on nascent technologies such as Blockchain, Artificial Intelligence, Robotic Process Automation and Smart City Projects. Within a few months of its incorporation, Avanza Innovations has achieved major successes by winning city wide projects in Blockchain, AI across verticals such as Smart City Enablement, Payments, Health Care, Education, Real Estate etc.
Avanza Innovations is viewed as a thought-leader in nascent technologies across the region, thus winning the admiration and confidence of not just customers but also of industry partners such as Microsoft, Gartner, IBM, regulators and government entities