Hyundai AutoEver, an online sales company and subsidiary of the automaker Hyundai, recently announced they are partnering together with Blocko, a blockchain infrastructure company, and Lambda256 to help create a blockchain-as-a-service to help monitor used cars.
The companies have signed an agreement and are planning to create a blockchain platform which will help to track vehicle information such as service history, mileage and age.
The data will also retain information regarding previous owners so that used car buyers can avoid buying a car with falsified of accident history. Moreover, Hyundai's latest plans to pair electric vehicles with users' smartphones will also rely on a DLT system to encrypt the cars' performance metrics.
Hyundai, South Korea's largest car supplier, is planning to apply the blockchain tech to other industries, such as logistics and construction, and is considering building an internal token economy ecosystem. It is also planning to expand to be able to deal with vehicle lifecycle management.
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