The system will allow the buyer to access a data record of each vehicle that is for sale at the car dealership
SGCarMat, a car dealership based in Singapore, has recently signed a commercial agreement with the decentralized data exchange protocol company, Ocean Protocol, with the aim to start up a used car buying system using blockchain technology.
The project has a specific purpose, which is to create a platform able to share information about the used vehicles that are available in Singapore. The system for users to access data securely will have the name: “Know Your Vehicle” and it will be an electronic medium where information about each vehicle can be consulted.
Ocean Protocol has been present in Singapore since some years now. Therefore, it is not the only project that this company has developed in the Asian country. Last year, Ocean Protocol was one of the leading companies to participate in the “MOBI Grand Challenge”, which consisted of a competition that would reward the company that has developed a solution based on blockchain in order to help coordinate vehicles, support data and create alternatives to improve mobility conditions in the country.
It is for this reason that the company will make available to the public the “Know Your Vehicle” system now. This tool will allow future used car buyers to verify the specific origin of the car until it leaves the dealership.
The new tool can help the buyer to have a clear idea of his purchase and how he should take care of his vehicle. This represents a very useful tool for a country like Singapore since, according to some studies, more than 9000 vehicles change owners on a monthly basis and there is not always a complete record of the car’s history.
In this way, the development of this new tool will help those interested in buying a used vehicle to obtain any information and not have to rely only on the word of the previous owner. This allows increasing reliability and having a secure mechanism where users can obtain all the information related to each and every one of the vehicle parts.
Among the data that will be available to the buyer at the time of verification are all the accident record that the vehicle has suffered, the total number of owners, any mechanical damage it has had, the parts that have been replaced by other and which other pieces remain original of the vehicle, among other information that may be relevant for the next owner.
These data, although it is possible to obtain it in public records, had never been collected and made available to the buying public.
This has not been the only attempt to use blockchain technology to improve services focused on transport and improving mobility. Currently, there are projects in many countries where Distributed Ledger Technology (DLT) is used to pay for public transport or to make a digital identity card to move around in cities.
By María Rodríguez
