Bahrain Looking into Blockchain to Help Cut Data Storage Costs

Bahrain Blockchain Technology - Ibinex News

The Kingdom of Bahrain is looking into adopting blockchain tech in a bid to cut the costs of maintaining the country’s vehicle registration data.

The country’s General Directorate of Traffic (GDT) announced Thursday of last week a new plan to develop a blockchain-based vehicle registration system in the country and is now looking for a technical partner to focus on the system’s design and implementation.

Shaikh Abdulrahman bin Abdulwahab Al Khalifa, director general of the GDT, said in a statement to the press:

“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.”

Made public during the Gateway Gulf Forum backed by the country’s crown prince, the GDT’s plan comes as part of a wider push by the Bahrain government to deliver advanced technologies through partnerships with the private sector.

Bahrain has already made inroads with it’s blockchain initiatives, with several major financial institutions pursuing projects in the country. In August of 2017, Bahrain-based Arab Banking Corporation has joined the R3 distributed ledger consortium in a bid to provide additional services to customers.

Earlier this year, the Bahrain government also started talks with the Monetary Authority of Singapore, the country’s de facto central bank, seeking advice it sought to deploy a national blockchain pilot, according to a local news.

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