Car manufacturer Hyundai Motor Group is going to build a blockchain platform for tracking the history of used cars. This was announced on Wednesday. The project is lead by the company’s ICT subsidiary Hyundai AutoEver, and they collaborate with Samsung-backed blockchain startup Blocko.
Blocko and Hyundai AutoEver will develop a Blockchain-as-a-Service platform for tracking vehicles history. This will include data like the car’s age, mileage, previous owners and so on. This system needs to integrated into existing business setups. Smart contracts should make it easy for clients to incorporate the blockchain system into their business.
This is just one of many ways Hyundai wants to use blockchain technology into its businesses. Automotive logistics, construction, an in-house token economy, vehicle life-cycle management, usage-based insurances, and many other aspects, will use blockchain technology in the future.
Earlier this week Hyundai Motor Group announced it would be using the blockchain to connect smartphones with its electric cars. The blockchain is meant to generate big data, but keep the identity of users private.
Hyundai is just one of many other companies in the automotive industry that’s embracing blockchain technology. Volkswagen, Ford, General Motors, BMW and others are all implementing the technology to improve their current organization, production process or future technology.
Also published on Medium.