The use cases for Blockchain seem only to be limited by imagination. The used car market is seemingly next in line for a Blockchain service, in fact, that's exactly what Hyundai AutoEver plan to do. Hyundai AutoEver, an internet sales division of the Hyundai Motor Group, is working with blockchain provider Blocko and Lambda256 to introduce a Blockchain-as-a-Service (BaaS) to the motor industry.
The intention is to create a blockchain platform a blockchain which will help to track vehicle information such as service history, mileage and age. Of course, as the data will be stored in an immutable format on-chain, buyers can be reassured that the car they are purchasing exactly matches its description.
Details of previous owners will be included so that car buyers can avoid buying a car that has a falsified accident history. Parking the inevitable privacy concerns, for now, this latest implementation of Blockchain innovation is fantastic news for the industry and could easily upscale to the commercial freight market.
World leaders in electric vehicle production, Hyundai have plans to link a driver's smartphone to the car to gather and track vehicle performance metrics and the drivers driving style which could be tied to a smart contract used to influence their insurance costs in real-time. With the integration of blockchain technology into the next generation of electric and driverless cars expect to see a massive paradigm shift towards environmental efficiency and road safety heralding a new dawn of travel seen around the globe.
It’s clear to see why South Korea come top for innovation, and Hyundai are a perfect example of how a forward-thinking company can improve the lives of members of society. Not content with trying to bring this ground-breaking concept to fruition, Hyundai, South Korea's largest car supplier, plans to apply blockchain innovation to a range of industries, such as logistics and construction and is considering building their own closed-loop internal token ecosystem.
Where do you think Blockchain Innovation will be used next? Vehicle lifecycle management is perhaps the next iteration but let us know your thoughts over on our Facebook channel now.