Blockchain Xdev To Use NFTs To Create Passports For Connected Vehicles
It has been announced that Blockchain Xdev is developing technology that allows NFTs to be used as passports for connected vehicles, representing the vehicle and all data throughout its lifecycle.
Giant car manufacturer alliance: Renault-Nissan-Mitsubishi, which includes car manufacturers that sell more than 1 in 9 vehicles worldwide has previously stated it wants to have 25 million connected vehicles created by 2026.
These vehicles are expected to be connected to their ‘Alliance Cloud’, representing what they state as ‘best-in-class digital experience for customers’.
Blockchain technology is thought to be a key component for connected vehicles as it will allow for the decentralized sharing of data in a trustless environment without intermediaries.
It will also allow the data to be publically verifiable, transparent and immutable. Smart contracts could also be used to allow for vehicle interactions.
Now, Blockchain XDev in collaboration with a new consortium are developing an NFT-based solution for connected vehicles to accelerate this process, this NFT solution is designed using the Tezos blockchain.
This digital “passport” is supported by some big names in a consortium formed at the end of January and includes: Covéa (Maaf, MMA, GMF) and Société Générale Assurances. Stellantis ( PSA ), Mobivia (Norauto, Midas), Matmut, Crédit Agricole Assurances and Inter Mutuelles Assistance.
Charles Kremer, CEO and co-founder of Blockchain Xdev, a subsidiary of the French The Blockchain Group stated (translated by Google):
‘Everyone collects data, and everyone is interested in data collected by others. The idea of this solution is to compile, trace, certify and make available all the data that characterizes the value of a vehicle: mileage, maintenance history, driver behavior, etc. Data that is already accessible.
This is the means that will make it possible to trace and timestamp the data in a decentralized way, while leaving it where it is. It would be possible to do it centrally in a database, but that would be unthinkable. from a business point of view.
Société Générale Assurances and Covéa explain the solution makes it possible to:
“…issue and manage an NFT representing the vehicle and all the data that characterizes its life cycle.”
As part of the solution: the data will be visible in an application, and this digital file will change ownership when the vehicle is resold. If the collection will rely above all on the manufacturers and the maintenance networks, the insurers, themselves, will be rather consumers of the data.
Everyone will therefore draw, for a fee, from the available data. Hence the idea of a multi-stakeholder and decentralized platform. Insurers are not the only players likely to be interested. For example, manufacturers today have no visibility on repairs that are not carried out in their network.
Dealerships need this information for the repossession of a vehicle, and even the authorities are concerned, in the event of mileage fraud or a wreckage in circulation.
An operational launch is still some way off with 2023 or 2024 being targeted, but the potential of such technology could transform the estimated $2.8 trillion car and automobile industry in the way vehicles operate and are tracked.
It also has the potential to transform how the global car insurance market operates, which is estimated to be worth $1.06 trillion by 2027.