The Kingdom of Bahrain is eyeing the adoption blockchain technology in bid to slice the expense of sustaining the country’s car registration knowledge.
Bahrain’s Normal Directorate of Site visitors (GDT) announced on Thursday a new prepare to build a blockchain-based mostly car registration method in the country and is now on the lookout for a technical associate to focus on the system’s layout and implementation.
Shaikh Abdulrahman bin Abdulwahab Al Khalifa, director normal of the GDT, reported in a statement:
“This registry will be a very important advancement in lessening the total expense of sustaining important car details, offer better performance in terms of provide chain management, and guarantee a significant level of transparency for all stakeholders in the car registration ecosystem.”
Declared in the course of the Gateway Gulf Discussion board backed by the country’s crown prince, the GDT’s prepare comes as portion of a broader thrust by the Bahrain governing administration to deliver sophisticated systems via partnerships with the personal sector.
Indeed, the Middle East country has by now witnessed key monetary institutions pursuing probable blockchain initiatives. As reported by CoinDesk in August 2017, the Bahrain-based mostly Arab Banking Corporation has joined the R3 dispersed ledger consortium in a bid to give extra expert services to customers.
Earlier past calendar year, the Bahrain governing administration experienced also started off a dialogue with the Monetary Authority of Singapore, the country’s de facto central financial institution, in search of advice it sought to deploy a nationwide blockchain pilot, in accordance to a community information report.
“The skill for blockchain to be adopted at the country level is a massive opportunity for Bahrain to transfer into the spotlight as a pioneer in this room,” CEO of Bahrain Financial Enhancement Board, Khalid Al Rumaihi, reported at the time.
Bahrain image via Shutterstock