Workers will be able to make digital payments through a platform based on smart contracts
In Dubai, the big hotel Caesars Bluewaters will use Lucid’s digital wallet to implement a blockchain solution which will control the credits and discounts given to its staff, according to the employee’s contractual conditions.
Liquid-D created the payment system of Lucid Pay, which will be used to give the resort’s staff an alternative payment option to enjoy the hotel’s facilities. This resource will use smart contracts and wallets to achieve its objective.
The new platform will be integrated into the points of sale (PoS) system of Oracle and Opera existing in the hotel. The wallets will be available on the Android and iOS mobile devices of the staff.
Jejin Joseph, Head of the resort’s infrastructure, told the local press that the ease of integration offered by Lucid Pay made it the “ideal decision” the company could make because the system is “very easy to install and use, because it requires minimal training for the hotel’s current staff”.
Regarding this process, Joseph commented: “As a solution based on blockchain, we have an immutable accounting book. Using it, we can provide a transparent and tamper-proof record for our employee benefits and discounts program”.
These programs seek to reduce fraud and misuse of staff incentives, in addition to coordinating all processes inherent to the same, in order to increase efficiency.
Dubai is a city that advances in the implementation of blockchain technology and in its objective of progressively becoming one of the main cities in the world to operate through distributed accounting technology.
The Caesars Bluewaters is not the first hotel that decided to resort to Lucid Pay and the blockchain technology to conduct a program of this type. The Atlantis resort, also located in Dubai, had already announced that it would implement a similar system for guest payments.
Jawad Riachi, representative of Liquid-D, says he is happy because customers “are beginning to value the platform (of Lucid Pay) and realize its potential in terms of functionality, speed, effectiveness and return on investment”.
During an event about blockchain technology held in London, the creator of EOS and founder of the company, Daniel Larimer, commented that “blockchain will be adopted to a great extent when people no longer speak of blockchain”, this due to “a question to get existing companies and tested business models to update their software and use blockchain due to the security it provides to its users”.
On the other hand, Dubai’s government recently announced its intention to issue a cryptocurrency backed by the State. This cryptoactive will be used for the payment of public services and will be linked to the fiduciary currency of the United Arab Emirates, the Dirham.
The authorities of the principality also aim to register at least half of the transactions conducted by the government in the chain of blocks by the year 2021. In this way, Dubai would become one of the leading “smart cities” in the region, to achieve its goal of using blockchain in the different administrative processes of the city.
By: María Victoria Rodríguez