Car manufacturers BMW and Ford have jointly expressed support for a new blockchain project with a number of other major tech companies. The new blockchain project reportedly grants birth certificates to vehicles, as it were.
Potential buyers no longer misled
The big advantage of this is, for example, when selling used cars. In this way, car sellers cannot mislead potential buyers with misinformation, such as adjusting odometers or changing data in a service book.
The initiative would therefore allow tracking of cars from manufacture, including transfer of ownership moments, maintenance history and mileage records. Additional information such as any damage sustained could also be tracked. Blockchain technology therefore offers the solution for such fraud-sensitive matters. The new system is reportedly being further developed to, among other things, also create a reliable representation of the condition of a vehicle.
Multiple use cases
The solution immediately has multiple use cases. In this way, it initially reduces the risk of fraud or a possible bad buy. In addition, the solution can also be used directly for financiers of vehicles, who in this way have a reliable representation of the car and all its history.
Now BMW and Ford also see the future in the new blockchain solution. Andre Luckof, who works at BMW on new potential technologies for their cars, says: "This solution is a crucial building block in the overall transformation to a frictionless and familiar mobility ecosystem."
With BMW and Ford now officially voicing their support, more car companies are expected to follow suit. Honda has also reportedly been supporting the project for a long time. As a result, blockchain technology seems to be increasingly finding its way within the automotive industry. It is still unknown what the next step will be.
