Groupe Renault And VeChain Are Working Together To Develop A Blockchain Based Digital Record


SOURCE: THECOINREPUBLIC.COM
JUN 02, 2022

  • To address these and other difficulties, Groupe Renault is developing a blockchain-based digital automotive maintenance book. Working with VeChain, a prominent provider of Blockchain solutions around the world, Groupe Renault will be able to establish an open data collecting architecture that removes difficulties like Car clocking.
  • VeChain’s Blockchain technology will create an individual digital identity for each car on the decentralized log book network. Every car owner will be given a private key that allows them to view and change data about their vehicle using a QR code, an NFC tag, and an RFID tag for traceability.
  • Customers will no longer have to question the authenticity of a used car owing to the VeChain Blockchain, which provides an easily verifiable record system that delivers all information about a specific car at the touch of a button.

The Times stated that clock automobile sales totaled almost one billion Euros. In the United States, clocking a car is also known as busting miles or odometer fraud. Even though it is illegal in the United States, loopholes in EU legislation allow it to continue, which explains the spike in Car Clocking prosecutions.

A Blockchain-Based Digital Automotive Maintenance Book

To address these and other difficulties, Groupe Renault is developing a blockchain-based digital automotive maintenance book. Working with VeChain, a prominent provider of Blockchain solutions around the world, Groupe Renault will be able to establish an open data collecting architecture that removes difficulties like Car clocking.

VeChain’s Blockchain technology will create an individual digital identity for each car on the decentralized log book network. Every car owner will be given a private key that allows them to view and change data about their vehicle using a QR code, an NFC tag, and an RFID tag for traceability.

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Verifiable Records System (VRS) Is A System That Allows You To Keep

When a car owner decides to sell their automobile, the buyer will have access to the vehicle’s entire purchase history, including mileage, maintenance, and replacement information. Typical maintenance and logging approaches entail a system that saves vehicle logs with a large number of physical parties, but VeChain is taking things a step further and establishing an even more useful value system.

Customers will no longer have to question the authenticity of a used car owing to the VeChain Blockchain, which provides an easily verifiable record system that delivers all information about a specific car at the touch of a button.

Steve Anderrson

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.