Latest updates around Blockchain is always exciting. In a recent news , VeChain is gearing up to use blockchain technology to avert car clocking.
VeChain, the world’s leading Blockchain-enabled product management platform, has recently made an agreement with Groupe Renault, a French multinational automobile manufacturer with global presence, to provide the latter a digital car maintenance book.
Established two years back in Singapore, VeChain has revealed that the Blockchain technology can be used to put an end to the practice of car clocking.
Tempering a car’s mileage is a growing concern, reported globally. As per HPI, which checks mileages, one in 15 cars displayed discrepancy in its mileage, in 2016. This practice of car clocking is also called odometer fraud or busting miles is illegal in the United States and other countries.
Blockchain Technology based car logbook
VeChain sees potential with Blockchain to put an end to the practice. They intend to create a Blockchain based digital car logbook for each vehicle where each log will be a unique digital repository containing all maintenance information including the odometer readings. Manufacturers, dealers, workshops and owners will be able to access and update this information.
This platform will provide each vehicle with a unique digital identity that will be stored in an immutable blockchain ledger, accessible by participants through private keys with viewing and editing permissions. Interaction would be facilitated via QR codes, RFID tags, or NFC chips.
The technology will facilitate the vehicle dealer or owner to provide a buyer with detailed history log – from mileage to the minutest repair – certified by the manufacturer thus confirming the car’s mileage. Car owners will use a smartphone app to check the actual mileage to compare it with what the vehicle displays.
COO of VeChain, Sunny Lu said:
“Blockchain technology is able to create a reliable trust protocol”
Sunny Lu further added:
“This is just one area where Blockchain can have an impact on the car industry. We expect many other areas to benefit from the ability to store information in a tamper-proof protocol, such as crash reports, insurance claims, loan agreements, product recalls and much more.”
VeChain’s blockchain based solution will also help second hand car buyers who will expect better solutions on car maintenance logging practices.