SOUTH KOREA, April 2019 – Blocko, the blockchain infrastructure provider, announces today that it has signed a MoU with Hyundai Motor Group’s ICT subsidiary Hyundai AutoEver. Together, the companies will build a blockchain platform for tracking the history of used cars available for purchase, while developing and promoting various businesses in the automotive industry.
Through this partnership, Blocko and Hyundai AutoEver will develop a Blockchain-as-a-Service (BaaS) platform for tracking vehicle history over the cloud, including previous owners data, car’s age and mileage, while integrating it with existing business setups. The platform will use smart contracts and other blockchain features to deliver a product that customers within the automotive business can easily use.
Additionally, Hyundai will integrate blockchain into its many business components such as automotive logistics, part construction, and in-house token economy for users throughout their internal operations. The company plans to extend the platform to other areas in the auto field that are expected to yield great potential in the future, such as vehicle lifecycle management, UBI (Usage-Based Insurance), and MaaS (Mobility-as-a-Service).
I believe that blockchain technology will introduce the next IT revolution into the automotive industry,” said Lim Jae-Woo, Hyundai AutoEver’s Team Manager.
We will work together with Lambda256, another blockchain developer, to build and expand Hyundai AutoEver’s blockchain lifecycle system through proven technologies and specific use-cases,” said Won-Beom Kim, CEO of Blocko. “We have laid a strong foundation to build a use-case specific blockchain that tracks cars throughout an entire automobile’s lifecycle: from its purchase, operation, management, and sale.”