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Blockchain Xdev Is Developing A ‘Passport For Connected Vehicles’ Using An NFT-Based Solution And Tezos

Blockchain Xdev is developing a ‘passport for connected vehicles’ using an NFT-Based solution and the Tezos blockchain.

The aim is to create an NFT that will represent the vehicle and all data throughout its lifecycle.

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Blockchain Xdev To Use NFTs To Create Passports For Connected Vehicles

It has been announced that Blockchain Xdev is developing technology that allows NFTs to be used as passports for connected vehicles, representing the vehicle and all data throughout its lifecycle.

Giant car manufacturer alliance: Renault-Nissan-Mitsubishi, which includes car manufacturers that sell more than 1 in 9 vehicles worldwide has previously stated it wants to have 25 million connected vehicles created by 2026.

These vehicles are expected to be connected to their ‘Alliance Cloud’, representing what they state as ‘best-in-class digital experience for customers’.

Blockchain technology is thought to be a key component for connected vehicles as it will allow for the decentralized sharing of data in a trustless environment without intermediaries.

It will also allow the data to be publically verifiable, transparent and immutable. Smart contracts could also be used to allow for vehicle interactions.

Now, Blockchain XDev in collaboration with a new consortium are developing an NFT-based solution for connected vehicles to accelerate this process, this NFT solution is designed using the Tezos blockchain.

This digital “passport” is supported by some big names in a consortium formed at the end of January and includes: Covéa (Maaf, MMA, GMF) and Société Générale Assurances. Stellantis ( PSA ), Mobivia (Norauto, Midas), Matmut, Crédit Agricole Assurances and Inter Mutuelles Assistance.

Charles Kremer, CEO and co-founder of Blockchain Xdev, a subsidiary of the French The Blockchain Group stated (translated by Google): 

‘Everyone collects data, and everyone is interested in data collected by others. The idea of ​​this solution is to compile, trace, certify and make available all the data that characterizes the value of a vehicle: mileage, maintenance history, driver behavior, etc. Data that is already accessible. 

This is the means that will make it possible to trace and timestamp the data in a decentralized way, while leaving it where it is. It would be possible to do it centrally in a database, but that would be unthinkable. from a business point of view.

Société Générale Assurances and Covéa explain the solution makes it possible to:

“…issue and manage an NFT representing the vehicle and all the data that characterizes its life cycle.” 

As part of the solutionthe data will be visible in an application, and this digital file will change ownership when the vehicle is resold. If the collection will rely above all on the manufacturers and the maintenance networks, the insurers, themselves, will be rather consumers of the data.

Everyone will therefore draw, for a fee, from the available data. Hence the idea of ​​a multi-stakeholder and decentralized platform. Insurers are not the only players likely to be interested. For example, manufacturers today have no visibility on repairs that are not carried out in their network. 

Dealerships need this information for the repossession of a vehicle, and even the authorities are concerned, in the event of mileage fraud or a wreckage in circulation.

An operational launch is still some way off with 2023 or 2024 being targeted, but the potential of such technology could transform the estimated $2.8 trillion car and automobile industry in the way vehicles operate and are tracked.

It also has the potential to transform how the global car insurance market operates, which is estimated to be worth $1.06 trillion by 2027.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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