Using Blockchain Tech To Cut Vehicle Data Storage Costs In Bahrain
The Kingdom of Bahrain is looking to adopt blockchain technology to cut the cost of maintaining the country's vehicle registration data. Bahrain's General Directorate of Traffic (GDT) announced on Thursday a new plan to develop a blockchain-based vehicle registration system in the country.
They are currently seeking a technical partner to design and implement the blockchain system.
The announcement came from Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Chairman of the Economic Development Board (EDB) at the Gateway Gulf Forum.
He said: “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.”
As explained in the statement, “the system is part of a project to build on recent advances in technology to further improve service delivery and facilitate private-sector-led opportunities.”