Dealer Market Exchange recently introduced a new way for vendors, dealer, car makers, and consumers to interact by utilizing blockchain. Cryptocurrencies already back services from companies like IBM, Amazon, and Microsoft and DMX has also joined with them. .
DMX announces the creation of VINblock; a blockchain solution for all echelons of the automotive industry.Tweet this
VINblock is the first in line of their business blockchain solutions menu for the automotive community. Reportedly designed to track the lifetime activity of any vehicle by its unique Vehicle Identification Number (VIN), a new industry ecosystem would be created by their participating users.
“Our VINblock permanent, shared ledger, based on Hyperledger Fabric blockchain technology, provides a critical value-add for building a foundation of connected mobility for OEMs, dealers and consumers to conduct business well into the 21st century,” said Jason Bennick, CEO and Co-Founder of DMX. “As we innovate next-generation solutions across automotive, we’re striving to create new channels that can operate faster and more efficiently than most everything out there, and in a new, low-cost and fully trusted, secure environment.”
Based on Hyperledger Fabric permissioned blockchain and related technologies, VINblock’s permanent shared ledger of VINs aims to provide accurate, timely tracking of vehicle identity, ownership changes and status in DMX markets. This approach offers significant advantages on trust, security, provenance, accuracy, cost and speed over traditional, disparate database systems, applications and integration methods.
“Blockchain is just one of our key technologies along with automation, AI, analytics, IoT and intelligent API’s that we’re integrating in our mobile, cloud platform and solutions that deliver strategic advantages for all our customers,” stated Wes Reid, DMX Co-Founder and Head of Technology.
VINblock will combine on-chain data, private data, off-chain data and services to efficiently deliver the information needed by applications hosted by DMX and their other partners.
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