Blockchain For Vehicle Registration Planned By Bahrain’s General Directorate Of Trafficbr>
Bahrain’s General Directorate of Traffic (GDT) is planning to adopt blockchain technology to cut the cost of maintaining the country’s vehicle registration data.
The blockchain project, announced during the Gateway Gulf Forum backed by the country’s crown prince, is in line with the government’s aim to provide world-class services, and will be complementing recent advancements in regulating the vehicle industry.
GDT Director-General Shaikh Abdulrahman bin Abdulwahab Al Khalifa said they are now looking for a partner that will provide the design and implementation of the blockchain system.
“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,” said Al Khalifa.
Last year, the Bahrain government signed a FinTech pact with Singapore, who is regarded as the current FinTech capital of the world. The government sought advice from the Monetary Authority of Singapore to deploy a national blockchain pilot.
At the time, Khalid Al Rumaihi, CEO of inward investment agency Bahrain Economic Development Board, stated that “Bahrain wants to become a pioneer in the burgeoning FinTech space, and national adoption of blockchain technology is a key enabler of this.”