Blockchain solutions company PlatOn has created a platform for storing information and calculating the price of used business cars at Beijing Mercedes-Benz Sales Service (BMBS).

Calculating and monitoring car price

PlatOn shared the news with Cointelegraph on August. 29. per the announcement, PlatON’sblockchain-based Vehicle Residual worth Management Platform will store each static and dynamic data, which is able to be used to automatically calculate the residual worth of registered vehicles over time.

Additionally, the Vehicle Residual worth Management Platform can reportedly be receptive the used automotive market, together with entities beyond simply BMBS. These other parties embody 4s car dealerships — licensed car dealerships in China — still as vehicle inspection companies and used car owners.

A market with millions of used cars

Plato CSO ADA Xiao highlighted the size of the used automotive sector in China, arguing that the business needs higher information collection and monitoring services. She remarked:

“With over 6.5 million used cars in China traded within the first half of the year alone, we hope that our collaboration with BMBS can highlight the necessity for additional subtle information assortment systems to accurately monitor the worth of the vehicles comprising China’s substantial used car market.”

Mercedes-Benz’s parent company moves into blockchain

As antecedently reported by Top Market Group, Mercedes-Benz parent company Daimler entered into a partnership with blockchain interface solutions startup Riddle & Code in July. Riddle & Code kicked off to make a hardware-based car wallet, per the agreement. car wallets reportedly have several use cases, together with car-sharing, autonomous vehicles and real-time communication of secure traffic information with smart city environments.

The wallet reportedly incorporates a blockchain-based identity feature for cars, which may make them safer. Riddle & Code chief executive officer Tom Fürstner explained:

“Autonomous cars should behave consistently to be trusted. Cars are already computing devices. A secure identity ensures that the proper authorities have approved code dead within vehicles and therefore the trustworthiness of information exchanged. RIDDLE&CODE; secures this with its cryptographic hardware and uses ledgers to turn automobiles into future market places.”

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