blockchain technology for vehicle lifecycle management

BlockChain Technology for
Vehicle Lifecycle Management

The vehicle life and vehicle related services lack transparency as many of us are already aware of. Our vehicle related services built of Block chain platform and integrated with IoT devices are capable of addressing this problem which each party in the vehicle chain has been facing since the beginning of the automobile life cycle. Below mentioned are few circumstances where lack of transparency might create trust issues.

  1. The price of a vehicle is regulated by the authorities only when it’s new and the mileage reading is 0 km. The price of a vehicle announced for sale depends on various factors including the vehicle condition and the mileage covered later on. It might be possible to reset the mileage reading of a vehicle at any stage by technical experts
  2. Under the event of an accident, the accident data can be manipulated at most stages due to human intervention.

Solution Offered

The two properties of block chain technology used in this solution which solves this problem are

  1. The feature of maintaining data with immutability, means the data once entered will never be tampered under any circumstances.
  2. The real time transfer of information on distributed ledger controlled through smart contracts expedites the process thus saving time and human effort.
Blockchain logo

Our solution can address two issues

  1. Lack of proper documentation work for a vehicle life cycle
  2. Brings transparency to the workflow when a vehicle encounters an accident.

Our solution is scalable and can accommodate multiple numbers of cars and multiple nodes in the blockchain. Depending on the requirement the solution can be customized both at level of IoT operation and also at the blockchain platform level. Not only can the permissible levels be customized, the scalability also can be adjusted as per the number of participants. 

Proof Of Concept

Blockchain Vehicle Lifecycle Management

When the vehicle meets with an accident, the data from the vehicle integrated IoT device is transferred to the Traffic Police and Insurance Company. Relevant medical authorities are informed accordingly if required. The data collected is recorded in the blockchain and it’s immutable. The IoT device can be customized to capture the required data and the same will be fed into the blockchain at regular recommended intervals.The impact of accident too can be assessed to an extent using the data captured. The photos are also to be uploaded into the solution which is visible at the same moment to the required parties in the block chain. The permissible levels can be customized.

Once the insurance claim is opened by the driver the insurance inspector receives notification to assess the damage, the data is fed into the blockchain thereby initiating the next step of the process. The vehicle is checked in the approved garage and quote is sent for approval to the insurance company. Once the quote is approved, the repair work starts and gets completed. Upon approval by the driver smart contract intimates the bank to initiate payment to the vehicle repair garage. The primary assessment of the damage is  taken through the IoT device and along with respective data, the information thus passed between each node is also stored in the blockchain. 

In case of change of ownership of vehicle, approval is received from the relevant government authority / Traffic police wherein the details of ownership transfer are recorded in the blockchain. The prospective buyer can be given access to the details of the vehicle by the current vehicle owner in case it’s required. However, with the implementation of the solution in the block chain platform the prospective buyer can trust that the recorded data is not manipulated and decisions can be made accordingly.

Let’s work towards building a future-ready enterprise 

UAE : +(971) 52-942-8174

Canada : +(1) 647-468-7279

Copyright © 2020 All rights reserved FUTURISTIQ SOLUTIONS