Transport authority says buyers and sellers will be able to track where the vehicle is in its lifecycle
Dubai's transport authority has revealed plans to create a vehicle lifecycle management system using Blockchain as part of the Dubai 10X initiative.
The Roads and Transport Authority (RTA) said the project seeks to improve customer experience by providing a vehicle history from the manufacturer all the way to the scrap yard.
In its initial stages, the platform will cover all cars in Dubai, before extending to cover all cars in the UAE to ensure the integration of vehicle information.
The RTA said it expects to launch the completed system, which will provide a transparent record, allowing buyers and sellers of each vehicle to track where the vehicle is in its lifecycle, in 2020.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chairman of the Dubai Executive Council launched the Dubai 10X initiative at the 5th World Government Summit last year.
Mattar Al Tayer, chairman and executive director of the RTA, said the vehicle lifecycle management using Blockchain project will be the first government platform in the world to offer a reliable source of vehicle history information.
He said it will positively influence both the local and regional car markets, and the car-manufacturing industry as a whole.
“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,” he added.
“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,” he noted.
IBM will come on board as strategy formulation consultant, while future partners include government entities such as Dubai Customs, Dubai Police, the Dubai Department of Economic Development, the Emirates Authority For Standardization and Metrology, Emirates ID, and the Ministry of Interior.
Overseen by the Dubai Future Foundation (DFF), the Dubai 10X Initiative seeks to place Dubai Government entities 10 years ahead of the rest of the world in all sectors, propelling the emirate into the future by implementing today what cities around the world will be implementing 10 years from now.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.