Blockchain technology seems to have exceeded initial expectations with regards to its feasibility with various existing business platforms. It appears to be the only technology everyone is concerned about or is working on incorporating into their business models. Volkswagen happens to be one of the “everyone” in mention at the moment. One would ask, but what does a car manufacturer have to do with a crypto-related technology like blockchain? Well that’s what we thought at first till we were proven wrong.
Volkswagen had been among car manufacturers who have been researching into how blockchain can largely benefit the automotive industry. BMW a few months ago announced its work on how it was looking to use blockchain to track the mileage of all its cars. Volkswagen has made it known to the public that it has partnered with IOTA to create its first working project known as Digital CarPass.
Quite similar to BMW’s blockchain mileage tracking is the new VW Digital CarPass. The technology will operate with a report card on board a Volkswagen car that will use the decentralised ledger of blockchain to make sure that mileage readings of the car are absolutely accurate and not forged by any dubious means.
Volkswagen, the German manufacturer, definitely didn’t have to look further than its home land for a partner in the project – IOTA was just at the noses but only kilometres away in Berlin.
The head of blockchain at Volkswagen (yes, they do have one), Benjamin Sinram, during one event in the city of Tel Aviv, Israel, mentioned that the automobile company was undertaking five major blockchain projects. Of the five, Digital CarPass with IOTA is the one in most advanced stages of development. The partnership was initially announced in February of this year; however, this announcement is to indicate to the public just how far they have come with the initiative.
The launch of Digital CarPass is expected to be in 2019, according to Benjamin Sinram. This will be a huge achievement in the automobile industry as it will be a stepping stone for the integration of Internet of Things into automobiles.
IOTA announced the very same thing, not during an event, but on Twitter.
Probably one of the other four of the five major blockchain projects they company is working on is using blockchain to track the entire supply chain of Volkswagen cars from the very supplier to the customer at the other end. Sinram mentioned that also at the event in Israel.
Mr. Sinram highlighted on the other projects being worked on. Among them is a blockchain run charging protocol that will use Ethereum network and crafted by Energy Web Foundation. The main target of this will be the be electric vehicles entering the system day-in day-out.
Another one of these was a project that will.be looking into the documentation pf software codes in certain vehicles. He explained that with such a product, the software code of the vehicle could be determined in the event of an accident and the very version of the car software identified.
Earlier this year, it was discovered that the German wheels tycoon was partnering with carVertical based in Lithuania, who were eventually added to the VW Future Mobility Incubator in the city of Dresden. carVertical has been able to develop a software that is used to track history reports of used cars. The main goal is to be able to avoid used car frauds.
Volkswagen is seriously banking on the immutability and security of blockchain technology. The company is looking to introduce blockchain technology into various aspects of the automobile industry like logistics and digital apps which have previously being subject to much corruption. If this works, VW might go down in history as one of the major pioneers of blockchain technology in the automobile industry.
Featured Images from Getty Images, Fortune, Volkswagen.de
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