Bahrain Seeks to Store Vehicle Data Using Blockchain Technology
The Kingdom of Bahrain plans to use blockchain technology to improve the vehicle data storage system.
The announcement was made on 10 May 2018 by Bahrain’s General Directorate of Traffic (GDT). They have revealed a plan in which blockchain tech plays the lead role. GDT wants to introduce the new technology to improve the vehicle registration system across the country. The agency is looking for a professional collaboration to achieve its goals.
“This registry will be a vital advancement in reducing the overall cost of maintaining critical vehicle information, offer greater efficiency in terms of supply chain management, and ensure a high level of transparency for all stakeholders in the vehicle registration ecosystem,” the Director-General of the GDT Shaikh Abdulrahman bin Abdulwahab Al Khalifa stated.
The announcement was made within the Gateway Gulf Forum, held between 8-10 May 2018 under the auspices of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Chairman of the Bahrain Economic Development Board.
The GDT’s idea comes to help the Bahrain government in order to develop the country’s technology sector by building partnerships with private sectors.
The Arab Banking Corporation has joined R3 DL Consortium in August 2017
The Kingdom of Bahrain isn’t on its first attempt to interact with blockchain-based platforms. The Arab Banking Corporation was the first institution to join the R3 DL Consortium in August 2017 with the purpose of providing citizens with advanced technology services.
In early 2018, the Bahrain government began talks with the Monetary Authority of Singapore in order to get advice in creating a blockchain-based pilot initiative.
“The ability for blockchain to be adopted at the country level is a huge opportunity for Bahrain to move into the spotlight as a pioneer in this space,” said Khalid Al Rumaihi, CEO of Bahrain Economic Development Board.