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Bahrain Hopes to Cut Vehicle Data Storage Costs Using Blockchain

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The Kingdom of Bahrain is considering the adoption blockchain innovation in quote to cut the expense of preserving the nation’s car registration information.

Bahrain’s General Directorate of Traffic (GDT) revealed on Thursday a brand-new strategy to establish a blockchain-based car registration system in the nation and is now searching for a technical partner to concentrate on the system’s style and execution.

Shaikh Abdulrahman bin Abdulwahab Al Khalifa, director general of the GDT, stated in a declaration:

” This pc registry will be a crucial development in decreasing the total expense of preserving important car info, deal higher performance in regards to supply chain management, and make sure a high level of openness for all stakeholders in the car registration community.”

Reported throughout the Entrance Gulf Online forum backed by the nation’s crown prince, the GDT’s strategy comes as part of a broader push by the Bahrain federal government to provide sophisticated innovations through collaborations with the economic sector.

Undoubtedly, the Middle East nation has actually currently seen significant banks pursuing possible blockchain efforts. As reported by CoinDesk in August 2017, the Bahrain-based Arab Banking Corporation has actually signed up with the R3 dispersed journal consortium in a quote to supply extra services to consumers.

Previously in 2015, the Bahrain federal government had actually likewise begun a discussion with the Monetary Authority of Singapore, the nation’s de facto reserve bank, consulting it looked for to release a nationwide blockchain pilot, inning accordance with a regional report.

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” The capability for blockchain to be embraced at the nation level is a substantial chance for Bahrain to move into the spotlight as a leader in this area,” CEO of Bahrain Economic Advancement Board, Khalid Al Rumaihi, stated at the time.

Bahrain image by means of Shutterstock

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