The distributed ledger technology blockchain could be used to put an end to car clocking, according to VeChain, a Singapore-based product management platform.
The business recently signed an agreement with Renault Group to provide a digital car maintenance book, and revealed that a similar solution could prevent a car’s mileage being tampered with. Last year automotive data providers cap hpi told Motor Finance that as many as one in 15 cars showed mileage discrepancies in 2016.
VeChain said blockchain could be used to create a digital car logbook for each vehicle. Each log, the company said, will be a unique digital repository containing maintenance information and odometer readings that manufacturers, dealers, workshops, and owners will be able to access and update.
The platform will assign a digital identity for each vehicle to be stored in the blockchain, only accessible through private keys with data viewing and editing permissions. Car owners will be able to use a moble app to view the digitally-stored mileage and compare it to the display in the vehicle.
The dealer or owner will be able to provide a buyer with the complete history log which will be certified by the manufacturer confirming the accuracy of the car’s mileage. VeChain says through storing service information blockchain will make it easier to track a vehicle’s history, improving on a system of multiple physical logs.
Sunny Lu, chief operating officer of VeChain, said: “Blockchain technology is able to create reliable trust protocol. This is just one area where blockchain can have an impact on the car industry.
“We expect many other areas to benefit from the ability to store information in a tamper-proof protocol, such as crash reports, insurance claims, loan agreements, product recalls and much more.”