An announcement was made by Dubai’s Roads and Transport Authority (RTA) that they are embracing Blockchain technology for vehicles. They are planning to launch a Blockchain-based vehicle management system in 2020 that will track vehicle lifecycles. The project for Blockchain implementation was made in collaboration with the Dubai 10x initiative and was reported by the news outlet Arabian Business.
The system will provide customers with some history for their vehicle. This vital information will include the history from “the manufacturer to the scrap yard”. The Dubai 10x was launched last year at the World Government Summit by the chairman of the Dubai Executive Council and Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the crowned Prince of Dubai.
Blockchain Technology is evolving
The system will show transparently records on where each vehicle is at any moment. The initiative is planned to begin by covering all cars in Dubai before expanding to all cars in the United Arab Emirates (UAE). The goal is to improve awareness and information distribution to customers for their vehicles in all parts of their life cycle.
“The platform benefits many stakeholders including car manufacturers, dealers, regulators, insurance companies, buyers, sellers and even garages, providing transparency and trust in vehicle transactions, preventing disputes and lowering the cost of services. It tracks ownership, sale and accident history to create smart and more efficient systems for supply chains.”
The initiative’s website states that it aims to “embrace disruptive innovation as a fundamental mantra of their operations and to seek ways to incorporate its methodologies in all aspects of their work.”
Dubai wants to become the first Blockchain Government
According to the Sheikh Mattar Al Tayer, the chairman and executive director of the RTA, this vehicle management system will be the world’s first government platform that can provide a genuine record of a vehicle’s history. This vehicle lifecycle Blockchain system is compatible with Dubai’s goal to become the first Blockchain government by 2020.
The project will take IBM as strategic formulation consultant. It was reported by Arabian Business and future partners may include Dubai Police, Customs, Department of Economic Development, the Emirates Authority for Standardization and Metrology, Emirates ID and the Ministry of Interior.
Last year in October, Dubai hosted its first government-backed training program for Ethereum Blockchain developers in collaboration with a Blockchain company based in Brooklyn. There was an announcement from Dubai that they will release their own cryptocurrency through local governments. However since then there isn’t a lot of news about it. The Dubai Multi Commodities Centre (DMCC) has issued trading license to Dubai-based gold trader Regal trader. Read about it in this article.
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