Daimler and Chinese-based car manufacturer BAIC Motor have a joint sales venture called Beijing Mercedes-Benz Sales Service has decided to begin using a blockchain-based platform to begin tracking vehicle values.
BMBS will use a blockchain platform developed by PlatOn, which sends real-time vehicle data to approved recipients to share static and dynamic vehicle data with approved local dealerships, vehicle inspectors, and used car owners, per CoinTelegraph.
In turn, this could help BMBS increase buyer confidence in its used car inventory, as it can provide more granular data on car history and adjust the price accordingly. Ultimately, it could bolster BMBS's share of China's growing used car market, which comprised 14 million unit sales in 2018.
The used car platform is one of several blockchain applications being tested by Daimler. As a decentralized ledger, blockchain technology allows for the transfer of data throughout a network. The technology has a broad range of potential use cases, and Daimler has notably attempted the following:
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