Dubai is now setting the world’s first vehicle history blockchain database. It allows tracking each and every vehicle record. The project is undertaken by Dubai’s RTA (Road and Transport Authority).
Dubai’s RTA (Roads and Transport Authority ) is planning to have a blockchain-based vehicle lifecycle management system to enable buyers and sellers to track vehicle records.
The system will include history about vehicles from manufacture to scrap time. This will improve transparent in vehicle records.
The system will first cover all cars in Dubai and then extend to other areas in UAE. It will also prevent disputes, lower costs of services, track ownership and sales and history of vehicle accidents. It will also improve efficiency in the supply chain.
Additionally, this will be the first in the world to be a source of vehicle history information.
RTA chairman and executive director Mattar Al Tayer said the platform would impact local and regional car markets and the vehicle manufacturing industry.
“The platform benefits many stakeholders including car manufacturers, dealers, regulators, insurance companies, buyers, sellers and even garages. Thus, providing transparency and trust in vehicle transactions, preventing disputes and lowering the cost of services.”
The project is part of the Dubai 10X Initiative, which is seeking to strategically place Dubai Government entities ten years ahead of the rest of the world in all sectors. In other words, it hopes to implement in Dubai, now, what others will be implementing ten years from now.
IBM is the strategy formulation consultant for the project.
On board are Dubai Customs, Dubai Police, the Dubai Department of Economic Development, the Emirates Authority for Standardization and Metrology, Emirates ID, and the Ministry of Interior as partners.
Originally published at coinpedia.org
