Blockchain-Based Used Car Data Marketplace To Launch In Singapore

by | Jul 6, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

Blockchain | Singapore | Used Car | Blockchain

sgCarMart, a Singapore-based online car marketplace has collaborated with Ocean Protocol, a decentralized data exchange protocol to launch a blockchain-powered “Know-Your-Vehicle” data marketplace, as per a press release on July 5.

The so-called Know-Your-Vehicle used car data marketplace will secure the process of sharing and accessing of information about used cars in Singapore. Reportedly, almost 9,000 cars were changed ownership per month in 2018.

The product will enable customers to track data origin on a vehicle and then trace its history. Subsequently, the parties are planning to use the collected data will help other industries and the government to improve products and services. Daryl Arnold, the founder of Ocean Protocol, said:

“Ocean Protocol provides companies with a platform to share and monetize data in a secure, traceable, and privacy-preserving manner. It allows data owners to retain control of data access and offers an incentive mechanism for companies to deploy, to collect quality data from their stakeholders.”

Ocean Protocol took part in the MOBI Grand Challenge tournament hat in October 2018, intending to develop  “the first viable” blockchain-powered network of vehicles and system to coordinate machines, provide data sharing, and improve the level of mobility in urban conditions.

The price of money for the challenged was set to win $350,000 worth of awards in a number of categories, including $100,000 worth of tokens from Ocean Protocol.

The scope of Blockchain technology being integrated into the transport sector has been steadily increasing.  In May, the government transportation department in the city of Austin, Texas collaborated with nonprofit Iota Foundation so as to develop a more interoperable transportation ecosystem.

In April, United Kingdom car manufacturer Jaguar Land Rover has employed blockchain network Iota to offer rewards in cryptocurrency to drivers for data reporting. A key idea behind the plan is to gather better information on road conditions and vehicle performance, for which Jaguar will distribute Iota’s Iota tokens to Smart Wallets tied to participating drivers.

Read more: Oracle Partners With World Bee Project To Track Honey Sustainability On Blockchain

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