United Arab Emirates And Blockchain-Based Platform

Car owners in the UAE city of Dubai and the country at large will be able to track their cars via blockchain platform. The transportation authority of the city of Dubai has plans to create such a blockchain for vehicles. At first, the blockchain-powered management platform will track only vehicles in the desert city. Eventually, it will be for all Emiratis outside of the city but within the country.

Coming to you in 2020.

The Road and Transport Authority’s chairman and executive director, Mattar Al Tayer, is hopeful that the new blockchain-powered system is going to be the first ever, government-launched platform on the planet giving this kind of a facility during assisting to protect car markets — as well as the whole automobile industry. Here is what he told the Arabian Business:

“Blockchain provides a transparent record to the entire business network, allowing buyers and sellers of each vehicle to track where the vehicle is in its lifecycle. 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, more efficient systems for supply chains.”

 Dubai’s transportation authority will work with American multinational technology giant IBM, who will consult on the project’s strategy. According to Arabian Business, Dubai Customs, Dubai Police, the Dubai Department of Economic Development, the Emirates Authority For Standardization and Metrology, Emirates ID, and the Ministry of Interior are also set to partner with the vehicle tracking platform.

The blockchain-based project comes as part of the Dubai 10X Initiative, which targets to make Dubai Government bodies 10 years more advanced than the rest of the world in every way.

The initiative was launched at last year’s 5th World Government Summit by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chairman of the Dubai Executive Council.

If the Dubai 10X Initiative seeks to successfully push the emirate 10 years into the future, the blockchain is certainly the way to go.