Samsung-Backed Blockchain Firm Blocko Partners With Hyundai AutoEver For Car History Tracking

Blocko And Hyundai Team Up To Build A Platform To Track Used Cars History

The Blocko, a blockchain provider that has been backed by the famous Samsung, just announced that they have signed a Memorandum of Understanding (MOU) with Hyundai AutoEver. This is the Hyundai Motor Group ICT subsidiary.

With the partnership in place, they will be in a position to build a blockchain platform that can be used to efficiently track the history of used cars that have been made available for purchase. At the same time, they hope they will be able to promote and develop the different businesses that are within the automotive industry.

The Partnership Will Bring About Various Benefits

With the partnership, both Hyundai AutoEver and Blocko will be developing a Baas, Blockchain-as-a-Service platform, one that will easily be used in tracking of used vehicles through the cloud. With this, you will be able to get access to previous owner’s data, the mileage for the specific vehicle, the age of the car, while still being in a position to integrate it all with the current business setups.

The companies have ensured that the platform will include smart contracts and other desirable blockchain features. All this is to ensure that all individuals are able to use the product they have developed with ease.

We Should Expect To See Some Improvements From The Hyundai Company

But all these improvements will not stop here as the Hyundai company will also integrate  blockchain technology in its various businesses. This is the likes of logistics and the construction section of the company and the in-house token economy for the users who access the internal operations.

The company is also working on ways it will be able to extend to the other areas that are in the auto field. Those expected to produce great potential, have an adequate lifecycle management of vehicles, the Mobility as a service (MaaS), and the Usage-based Insurance (UBI).

The Hyundai AutoEver has been around since 2000, and also has slowly been evolving to ensure it is able to meet the users changing needs, and deliver nothing but the best services.

“I believe that blockchain technology will introduce the next IT revolution into the automotive industry,” said Lim Jae-Woo, Hyundai AutoEver’s Team Manager.

“We will work together with Lambda256, another blockchain developer, to build and expand Hyundai AutoEver’s blockchain lifecycle system through proven technologies and specific use-cases,” said Won-Beom Kim, CEO of Blocko. “We have laid a strong foundation to build a use-case specific blockchain that tracks cars throughout an entire automobile’s lifecycle: from its purchase, operation, management, and sale.’’

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