The Kingdom of Bahrain is investigating adoption chain technology to reduce the cost of vehicle registration data in the country.
Bahrain’s Directorate General of Transport (GDT) announced on Thursday a new plan to develop a blockchain-based vehicle registration system in the country and is now looking for a technical partner who can focus on developing and implementing the system.
Sheikh Abdulrahman bin Abdulwahab Al Khalifa, Director-General of the GDT, said in a statement:
“This registry will be an important step in reducing the overall maintenance cost of key vehicle information, better supply chain management, and a high level of transparency for all players in the vehicle registration ecosystem.” ,
At the Gateway Gateway Forum, which is supported by the country’s crown prince, the SLM plan is part of a wider commitment by the Bahraini Government to develop advanced technologies through partnerships with the private sector.
In fact, the Middle East has already followed large financial institutions that are pursuing potential blockchain initiatives. As reported by CoinDesk in August 2017, Bahrain’s Arab Banking Corporation joined the R3 Distributed Ledger Consortium to provide additional services to customers.
Early last year, the Bahrain government also began a dialogue with the Monetary Authority of Singapore, the country’s de facto central bank, for advice from a local newspaper to send a national blockchain driver.
“The ability to introduce the Blockchain at the national level is an excellent opportunity for Bahrain to be a pioneer in this field,” said Bahrain CEO Khalid Al Rumaihi.