The new platform, called the Vehicle Residue Value Management Platform, will be used to help figure out the residual value of used vehicles. By using the information currently available the platform will be able to automatically determine the correct market price for any kind of used car.
The CSO of PlatOn, Ada Xiao, discussed how the new platform will be able to improve upon vehicle data collection and be able to keep track of Chinese used vehicle data.
"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," Xiao said.
PlatOn also intends on opening up their platform to other auto companies including car inspection businesses, used car dealers, and auto dealerships.
For Mercedes, this isn't their first foray into blockchain partnerships. Parent company Daimler teamed up with Riddle&Core, a blockchain solutions company, to develop a hardware wallet for autonomous vehicles. The wallets would be designed to help secure a consumer's data created while operating a connected or autonomous vehicle.
Daimler and Mercedes aren't the only automotive companies attempting to take advantage of blockchains either. The Singapore-based online auto retail company, sgCarMart, recently announced their intention of developing a blockchain-based platform to collect and provide used vehicle data. This new platform will be titled Know-Your-Vehicle and give consumers a safe portal to find data on used cars in Singapore.
Volkswagen is also creating its own blockchain-based vehicle app alongside carVerticle. The app is designed to collect information safely in a blockchain to help prevent automotive fraud.