Bahrain to Adopt Blockchain Concept to Minimize Vehicle Data Storage Costs

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Bahrain’s GDT Revealed Plans to Develop a Blockchain-based Vehicle Registration System

The Kingdom of Bahrain plans to adopt the blockchain technology to cut the cost of managing the country’s vehicle registration data.

It was declared on Thursday by Bahrain’s General Directorate of Traffic (GDT) that a new plan to acquire a blockchain-based vehicle registration system in the country and is now looking for a technical associate to focus on the system’s design and execution.

Director general of the GDT, 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 regarding supply chain management, and assure a high level of  liquidity for all stakeholders in the vehicle registration ecosystem.”

During the Gateway Gulf Forum held by the country’s crown prince, the GDT’s plan comes as part of a broader push by the Bahrain government to address advanced technologies through partnerships with the private sector.

Indeed, the Middle East country has already seen major financial institutions pursuing potential blockchain initiatives. The Bahrain-based Arab Banking Corporation had joined the R3 distributed ledger consortium in a bid to provide additional services to customers in August 2017.

Earlier last year, the Bahrain government had also started a discussion with the Monetary Authority of Singapore,  the country’s de facto central bank, asking advice to seek the deployment of a national blockchain pilot, as stated by a local news report.

Khalid Al Rumaihi, CEO of Bahrain Economic Development Board, told:

“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.”

Suzat Fernandes

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