The Roads and Transport Authority (RTA) in Dubai has revealed plans for a blockchain-based automobile management system that would let owners keep tabs on their vehicles.
Mattar Al Tayer, chairman and executive director of RTA, told Arabian Business (via Bitcoinist): “Blockchain provides a transparent record to the entire business network, allowing buyers and sellers of each vehicle to track were 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 lowered the cost of services. It tracks ownership, sale, and accident history to create smart, more efficient systems for supply chains.”
Plans are for the service to launch by 2020, and to spread from Dubai to all of the United Arab Emirates. It is part of a general push from the country to become more tech savvy via the Dubai 10X initiative.