Blockchain in the automobile industry: Dubai initiates plans

The Automobile industry in the United Arab Emirates, particularly in Dubai will soon make history for being the first city to leverage on a government controlled blockchain platform to track the details of a vehicle. If this news becomes fruition, car owners will be basking in euphoria because the technology like curtail car theft.

Arabian Business reported that plans are underway by the Road and Transportation Authority of Dubai to unveil a new vehicle management system that would leverage on the blockchain technology to track the history of vehicles. The report further clarified that the new system will track the entire existence of vehicle, from its construction phase to the point the vehicle will be removed from circulation.

The Road and Transportation Authority intend to implement the new system in stages, starting from Dubai to other cities in the United Arab Emirates. This will ensure that the entire country is covered by the tracking system. The Authority asserted that the plan would finally unfold in mid-2020.

Mattar Al Tayer, who doubles as the Executive director and Chairman of the Road and Transportation Authority, hopes that when the new car management system is launched, it will be the first in history for a government to launch a blockchain based car tracking system.

“The blockchain platform is an innovation that businesses can leverage on to provide innovative goods and services. Once this system is implemented, buyers and sellers will be able to monitor and track the entire lifecycle of the vehicle. The new management is hope to benefit all automobile stakeholders such as dealers, insurance companies, seller, buyers, car manufacturers, regulators, and garages, among others, inherent trust and transparency in the vehicle trading process and also reduce the cost of services. The system works by tracking ownership, accident history, sale, and disputes.” Mr Mattar told Arabian Business.

 

authority seeks to partner with technology giant, IBM, with a view to consulting on the modalities to achieve the project. According to the newspaper, Emirates ID, the ministry of interior, Dubai customs, the Dubai Department of Economic Development, Dubai Police, and the Emirates Authority for Standardization and Metrology are also willing to collaborate with the Transportation Authority to achieve the car tracking system.

The Dubai 10X initiative informed the blockchain-based vehicle tracking system, which aims to project the Dubai government ahead of other countries in terms of development, technology, bilateral relation, and international relation, among others. The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum was the brain behind the 10X initiative. The Crown price doubles as the Chairman Dubai Executive Council.

If the Plans by the Transportation Authority of Dubai will see the light of the day, then the way to go is obviously through the blockchain technology.

 

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