The Dubai Roads and Transport Authority (RTA) is planning to tap into the potential of blockchain technology to build a vehicle lifecycle management system, Arabian business reported.
A part of the Dubai 10X initiative, the project aims to enhance customer experience by providing the complete history of a vehicle – from the manufacturer to the scrap yard. Initially, the platform will covers all cars in Dubai and will be gradually cover all the cars in the UAE.
Mattar Al Tayer, chairman and executive director of the RTA, said that the blockchain-based vehicle lifecycle management will be the first government platform in the world to offer a reliable source of information on vehicle history.
“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 said. “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.”
The project will see the participation from a number of government departments and tech companies. This includes Dubai Customs, Dubai Police, the Dubai Department of Economic Development, the Emirates Authority For Standardization and Metrology, Emirates ID, and the Ministry of Interior. Tech titan IBM will join as strategy formulation consultant.
The RTA expects the platform to launch in 2020. It will provide a transparent record, allowing buyers and sellers of each vehicle to track where the vehicle is in its lifecycle.
