Blockchain can cut costs from vehicle data storage.
A Middle Eastern archipelago, The Kingdom of Bahrain, is looking into ways how to minimize costs of maintaining its vehicle registration data. They came up with a solution to this problem, by adopting the blockchain technology.
This plan was announced on the 10th of May during the Gateway Gulf Forum, by Bahrain General Directorate of Traffic (GDT) backed by Bahrain’s crown prince. The blockchain platform is set to register all vehicles in a storage data system bypassing third-party costs. In addition, the GDT is searching for a technical company to develop this blockchain who will focus on design and implementation.
In a statement, GDT director general, Shaikh Abdulrahman bin Abdulwahab Al Khalifa said:
“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 beginning of the Blockchain era
The government is taking a proactive approach in helping private sectors through a partnership to adopt blockchain technology platforms. In fact, Bahrain has seen a lot of important financial institutions adopting blockchain initiatives to their business.
Only last year, did the Monetary Authority of Singapore, seek advice from Bahrain’s government regarding a national blockchain pilot.
With regards to this collaboration, the CEO of Bahrain Economy Development Board, Khalid Al Rumaihi, had previously stated that “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.”