If you’re looking to buy a used car in Dubai, you’ll be relieved to hear of the Dubai Government Vehicle Lifecycle Management System that will be utilizing Blockchain by the year 2020. The Roads and Transport Authority (RTA) has stated that the pioneering project will provide a better customer experience by presenting the history of the vehicle from its manufacturer all the way to the scrap yard. This is a massive step in increasing transparency around vehicle history and condition. The genius’s at CarSwitch.com inspect hundreds of cars every month, and find almost half of cars have at least one repainted panel indicating accident history so we can confidently say this transparency is a huge win for used car buyers in the UAE! Initially to be launched in Dubai and then to cover cars all over the UAE, this Blockchain based project will be conducted under the Dubai 10x initiative in the year 2020.
Launched at the 5th World Government Summit, the Dubai 10x initiative was put forward by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the chairman of the Dubai Executive Council last year. The objective of this is to keep a futuristic approach by being 10 years ahead of the rest of the world and implementing innovative and out of the box ideas in the present.
According to Mattar Al Tayer, the Chairman and Executive Director of RTA, this vehicle life cycle system will be the World’s First Government Platform that will provide a transparent and authentic source of vehicle history. It was also mentioned that IBM will act as a strategic formulation consultant and other strategic allies will be formed in the future. These changes may also make the choice between new versus used cars in the UAE much easier.
This project will be a milestone for Dubai in becoming the first Blockchain Government by the year 2020. Additionally, in partnership with a Brooklyn based Blockchain Company, Dubai organized its first government-backed Blockchain developer training program in Oct, 2017.
This seems to be big news not only for the automotive industry of Dubai but also for the economic progress of Dubai. Dubai will have a verified source to track the history of vehicles and will enhance the customer’s overall experience of buying and selling cars in the UAE. For now, you can check the 200 point inspection report by CarSwitch.com to help you guide through the buying process.