Blocklet Trusted Vehicle Application is a new blockchain solution with the capability to assess motorized vehicle conditions and environmental situations. Using a combination of hardware solutions and application software, cars will have comprehensive data recorded and distributed via a mobile connection network to improve safety and operability.
Filament, a company responsible for enterprise and industrial internet of things (IoT) solutions, announced its project on Nov. 12. It has designed the first end-to-end automotive blockchain, allowing each change in vehicles to be recorded chronologically, transparently, and securely on the blockchain.
“Blockchain technology gives connected machines including passenger vehicles, long-haul trucks and construction equipment, a voice of immutable truth that goes well beyond data gathering,” said Allison Clift-Jennings, CEO of Filament. “Blocklet TVA helps corporations with connected vehicles quickly understand and tap into the potential of transparent, edge-authenticated and distributed data which will enable the next generation of intelligent mobility.”
Cellular networks, GPS, Bluetooth and wifi systems will all be combined to facilitate blockchain data transcription.
Microtransactions will be included to distribute data, bandwidth, and computational power between vehicles in the network.
The service is meant to work for both fleet provider transparency and individual user security.
The smart contract system is applicable to car rental services, allowing easy recording of user data, car statistics, and mileage. Leasing cars remotely would be significantly easier as many car rental programs are currently cumbersome and inefficient. Dynamic systems allow service records, usage activity, maintenance history, and part condition to be available to both companies and renters.
Similar systems would allow used-car markets to thrive with transparency about conditions or events a vehicle has seen, enhancing consumer protection and vendor accountability.