Hyundai division is developing a blockchain platform to track history of used cars
April 24, 2019, 6:51AM EDT
1 min read
Hyundai AutoEver, an auto internet sales company that's part of Hyundai Motor Group, is teaming up with a blockchain infrastructure provider Blocko and Lambda256 to develop Blockchain-as-a-Service (BaaS) to track the history of used cars, the company announced in a press release.
The companies have signed an agreement and are planning to create a blockchain platform which will help to track vehicle information such as service history, mileage and age. The data will also retain information regarding previous owners so that used car buyers can avoid buying a car with falsified of accident history. Moreover, Hyundai's latest plans to pair electric vehicles with users' smartphones will also rely on a DLT system to encrypt the cars' performance metrics, according to CoinTelegraph.
Hyundai, South Korea's largest car supplier, is planning to apply the blockchain tech to other industries, such as logistics and construction, and is considering building an internal token economy ecosystem. It is also planning to expand to be able to deal with vehicle lifecycle management.