Blocko, a commercial blockchain infrastructure provider backed by Samsung announced that it signed a Memorandum of Understanding (MoU), with Hyundai Motor Group’s Information and communications technology (ICT) subsidiary Hyundai AutoEver on Wednesday. This blockchain platform will be used to track the history of used cars, that are available for purchase, while developing and promoting various businesses in the automobile industry.
The partnership will see both the companies developing a Blockchain-as-a-Service (BaaS) platform for tracking vehicle history over the cloud, including previous owners data, car’s age, and mileage, while integrating it with existing business setups, news portal Crypto Ninja reported. The platform plans to use smart contracts and other features of blockchain to help customers use the BaaS-backed product with ease.
The Chief Executive Officer (CEO) of Blocko, Won-Beom Kim, said, “We will work together with Lambda256, another blockchain developer, to build and expand Hyundai AutoEver’s blockchain lifecycle system through proven technologies and specific use-cases. We have laid a strong foundation to build a use-case specific blockchain that tracks cars throughout an entire automobile’s lifecycle: from its purchase, operation, management, and sale.”
Hyundai AutoEver’s Team Manager, Lim Jae-Woo, added, “I believe that blockchain technology will introduce the next IT revolution into the automotive industry.”
This news comes nearly a month after luxury and supercar manufacturer, Porsche announced that it was exploring ways to implement blockchain technology in its cars and had collaborated with a Berlin-based blockchain startup XIAN.
Financial strategist for Porsche, Oliver Doring who is very positive on the implementation of Blockchain technology on cars had said, “We can use Blockchain to transfer data more quickly and securely, giving our customers more peace of mind in the future, whether they are charging, parking, or need to give a third party, such as a parcel delivery agent, temporary access to the vehicle. We translate the innovative technology into direct benefits for the customer.”
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