International Finance

Dubai 10X refreshes blockchain use in a world-first project

Dubai 10X, automotive industry, Dubai, UAE, Dubai Future Foundation, Blockchain, 6th World Government Summit, vehicle lifecycle management, customer experience, Roads and Transport Authority, RTA, DFF
The initiative seeks to build end-to-end vehicle database for customers using blockchain technology

As part of Dubai 10X initiative, the Roads and Transport Authority (RTA) recently proposed plans to introduce vehicle lifecycle management using Blockchain by 2020.

According to Al Khaleej, Dubai Future Foundation CEO Khalfan Belhoul, said, “We are at the beginning of a new era for the transport sector: Sheikh Hamdan launched the RTA’s path-breaking initiative at the sixth World Government Summit. The ambitious project will be made reality in Dubai within the next 24 months.”

The vehicle lifecycle management using Blockchain project is said to be the world-first government platform to furnish details about vehicle history: starting from the scrap yard to shipment.

Swiftly, this step forward will position Dubai and the UAE as a regional hub for automotive industry. Al Tayer explained: “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 aim is to enhance customer experience using this technology.

Many stakeholders including ‘manufactures, dealers, regulators, insurance companies, buyers, sellers and even garages,’ will supposedly benefit from the platform. In addition, other details such as ‘ownership, sale and accident history’ will be tracked to provide a  transparent system for customers.

“It also tracks ownership, sale, and accident history to create smart, more efficient systems for supply chains, Internet of Things networks, multimedia rights management, Government proof of identity, and insurance record management,” Al Tayer added. At nascent stages, the project will first cater to all cars in Dubai, before reaching out to the UAE. “The Authority will begin implementing the register as of Q1 2018, in the hopes of launching the completed system in 2020.”

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