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BAHRAIN OPTS FOR BLOCKCHAIN TO CUT DOWN ON VEHICLE DATA STORAGE COSTS

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BAHRAIN OPTS FOR BLOCKCHAIN TO CUT DOWN ON VEHICLE DATA STORAGE COSTS

The Kingdom of Bahrain is planning the adoption of blockchain technology in the desire to cut the cost of maintaining the country’s vehicle registration data.
On 10th May, Thursday a new plan to develop a blockchain-based vehicle registration system in the country and is now looking for a technical partner to focus on the system’s design and implementation was announced by Bahrain’s General Directorate of Traffic (GDT).
 
 Shaikh Abdulrahman bin Abdulwahab Al Khalifa, director general of the GDT, said in a statement:
 
“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 GDT’s plan comes as part of a wider push by the Bahrain government to deliver advanced technologies through partnerships with the private sector was announced
during the Gateway Gulf Forum backed by the country’s crown prince.
 
Undoubtedly, the Middle East country has already seen major financial institutions pursuing potential blockchain initiatives.
As reported, the Bahrain-based Arab Banking Corporation has joined the R3 distributed ledger consortium in a bid to provide additional services to customers.
 
According to a local news last year, the Bahrain government had also started a conversation with the Monetary Authority of Singapore,
the country’s de facto central bank, seeking advice it sought to deploy a national blockchain pilot.
 
“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,”
CEO of Bahrain Economic Development Board, Khalid Al Rumaihi, said at the time.

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