Author: Gan Jia Ci
Bahrain is looking to incorporate blockchain technology into its vehicle registration system, Bahrain’s General Directorate of Traffic (GDT) reported.
In order to lower the cost of maintaining the Kingdom of Bahrain’s vehicle registration data, the GDT declared that Bahrain will “ introduce a blockchain-based vehicle registration system” and start looking for a technical partner to aid in the system’s configuration.
In the report, GDT Director-General Shaikh Abdulrahman bin Abdulwahab Al Khalifa mentioned, “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 system’s objective is to build on new technological progresses to boost its service delivery and assist private-sector-led opportunities.
Bahrain has been keeping a close eye on blockchain technology. In February 2017, Bahrain also held discussions with the Monetary Authority of Singapore (MAS), Singapore’s central bank, to formulate a pilot blockchain plan in the Gulf state, Arabian Business reported. The discussion to create a system that uses blockchain technology for interbank payments was also held with Singapore’s stock exchange, as well as eight other local and foreign banks.
Khalid Al Rumaihi, CEO of inward investment agency Bahrain Economic Development Board (EDB), said then, “The ability for blockchain to be adopted at country level is a huge opportunity for Bahrain to move into the spotlight as a pioneer in this space.” He continued, “Blockchain will unlock so many different possibilities for business in the way email and internet did years ago. What would prevent Bahrain from becoming a leader in this space in the same way Singapore is?”