Mercedes-Benz leverages on blockchain for secure data tracking
PlatON has developed a bespoke blockchain-based ‘Vehicle Residual Value Management Platform’ for the used car business line of Beijing Mercedes-Benz Sales Service. The platform will store static data and dynamic data, which will be used automatically compute a vehicle’s residual value throughout its life cycle.
Ada Xiao, CSO at PlatON, said: “From electric vehicles to driverless cars, emerging technologies have come to rapidly shape the trajectory of innovation in the automotive industry to a model that champions greater security and sustainability.
"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.”
PlatON’s blockchain-based platform will be open to all relevant parties in the Used Car Market, from Mercedes-Benz and 4s car dealerships to vehicle inspection firms and owners, allowing for the convenient monitoring and auditing of the dynamic residual values of vehicles. PlatON’s emphasis on privacy-preserving mechanisms will help to ensure that all data stored on the blockchain is adequately encrypted, allowing for the safe transmission and storage of sensitive data without compromising privacy.
The collaboration between PlatON and the automotive brand was born out of the project’s participation in Startup Autobahn Batch 3, an innovation platform powered by Daimler Innovation Technology (China).
With the goal of mentoring and incubating global tech startups that look to develop products in the mobility sector, Startup Autobahn provides the technical mentorship and automotive expertise over the course of 100 days to help these projects successfully pilot and deploy a production-ready solution.
Startup Autobahn is the open innovation platform initiated by Daimler, aiming to combine the unrivalled tech expertise of Silicon Valley and the best of German engineering. It unites global tech startups with industry giants.
Startup Autobahn runs in several countries including Germany, the US, China, India, Singapore, and South Africa. Its network of investment firms and mentors further facilitates the growth of tech companies, realising the vision of 'No Limits'.