Mercedes joins PlatOn for used car data storage blockchain

Beijing Mercedes-Benz Sales Service (BMBS) has partnered with a blockchain solution company, PlatOn to create a blockchain-based platform that stores data for used cars.

According to reports, this new partnership seeks to create a blockchain platform, dubbed as Vehicle Residue Value Management Platform. This platform will be used in calculating the residual value of used cars. The platform will use data available in both in static and dynamic form. The two types of data will enable the platform to automatically calculate the suggested price of any used car.

While giving the announcement, Ada Xiao, CSO of PlatOn explained that the platform has the capacity to improve data collection and monitoring services in China’s market of used cars. She said:

With over 6.5 million used cars in China traded in the first half of the year alone, we hope that our collaboration with BMBS will highlight the need for more sophisticated data collection systems to accurately monitor the value of the vehicles comprising China’s substantial used car market.

In addition to BMBS, PlatOn plans to open up the platform to other car businesses, including 4s car dealerships, vehicles inspection firms and used car owners.

This, however, is not the first partnership Mercedes is having with a blockchain solution company. Daimler, the initial manufacturer of Mercedes-Benz, partnered with Riddle&Core blockchain solutions in creating a hardware wallet for Autonomous cars. The wallets, which are built on Ethereum 2.0, are to help in securing the vehicles personal data.

Other players in the car industry are also harnessing the power of blockchain. In July, sgCarMart, a Singapore based online car marketplace, announced its plans to create a blockchain based platform that will provide its customers data on used cars. According to reports, the platform which will be known as “Know-Your-Vehicle” will give customers a secure channel to share and access data on used cars in Singapore.

In June, Volkswagen developed a blockchain-based car app in partnership with a carVerticle. This car app was meant to prevent used car fraud cases by storing all information about the car on the immutable blockchain. Notably, carVerticle received a grant worth about $17,000 to assist with the project.