aitos.io & Daimler track value of used cars with BoAT+PlatONE blockchain solution
aitos.io, Juzix & Daimler launch MoveX used car residual value management platform to drive growth during 2020 WanXiang Global Blockchain Summit
aitos.io strategically announces collaboration with Daimler at the Wanxiang Blockchain Summit during the 2020 Shanghai Blockchain International Week. aitos.io advances a triple-play partnership with Mercedes-Benz StarElite Used Car, Daimler Mobility Blockchain Factory, and Juzix to jointly released the MoveX used car asset residual value management solution.
This kick-off, during the IoT 3.0 theme summit on October 28th , was led by Mr. Guo Hao, the Director of Beijing Mercedes-Benz Used Cars Division. Mr. Guo also invited Dr. Harry Behrens, the head of the Germany’s Daimler Blockchain Factory, to jointly deliver a dual on and offline keynote speech.
An innovative new business model by combining Blockchain with Used Cars
With the ever-increasing volume of car ownership in the Chinese market, there has been a traditional problem of vague and difficult data traceability with used car transactions. This stumbling block is hindering the development of the automobile industry and key stakeholders within auto companies are in need of a spark plug moment. Hence, it is hoped that a full life style management model can be a instrument to increase residual value and add to the adhesiveness of customers confidence and improve the experience of users searching for cars. The goal is build a sustainable used car business model.
A new generation of connected vehicles opens up the capability for more attention to be placed on long-term management of the value of vehicles already sold. In the traditional value chain, after the vehicle is sold, its residual value is difficult to effectively track and evaluate. For risk control considerations, used car dealers and resellers tend to value the utility of used car pricing too narrowly, making the value of used cars not fully reflective of their selling price. Auto buyers interested to purchase actually know very little about the full history of used cars, due to non-transparent maintenance and safety records kept which will reduce interest in purchasing them. It is the willingness to buy high-end used car that makes residual value is so important. Therefore, the credible tracking of the parameters that characterize the residual value of the vehicle is an important means to improve the residual value of the vehicle and make that value more equitable and justifiable.
The grouping of aitos.io, Mercedes-Benz StarElite Used Car, Daimler Mobility Blockchain Factory, and Juzix merges their collaborative expertise to release the MoveX used car asset residual value management solution, which is based on the Hardware Car wallet of aitos.io’s BoAT blockchain application framework. This Wallet acts as a practical target point for asset value for Daimler’s Mobility Blockchain Platform, is carried on the PlatON Enterprise of the Juzix consortium blockchain and performs as an on-chain management platform for physical assets. It is supplemented by the eID (national digital ID) as a user identity authentication mechanism. For Mercedes-Benz StarElite Used Car business, it accomplishes certification of vehicle assets, digital twin on blockchain and asset life-cycle value management provides a brand new solution for the residual value management of used cars.
aitos.io provides its blockchain application framework BoAT oracle technology based on a cellular module for the MoveX used car asset residual value management solution. BoAT is embedded into the cellular module of the vehicle’s T-Box (Telematic Box) hardware. By combining blockchain technology, equipment security technology and Internet of Things technology, BoAT creates a unique identity on the chain for the vehicle, and acts as an Oracle based on this identity identifier to enable real-time status data of the vehicle to be recorded on the blockchain. The vehicle is then credibly connected to the blockchain, providing an anchor point of physical object and trusted data of physical world for smart contracts of asset management on the blockchain.
During the meeting, a sophisticated Vehicle asset digital management platform was introduced providing different innovative services for B2B and B2C markets, including:
B2B Market: To Resolve the problem of trust inequality and reshape the standardized used car trading market. The platform unites gas stations, 4S stores, leasing companies, etc. From the initial point of the car sale through to the stage of leasing vehicle fleet management, all key vehicle data and transaction information is stored in the system without tampering. Starting from this first kilometer, it extrudes a credible golden history and the residual value of each vehicle is increased by 5% of the market transaction value.
B2C Market: To resolve the difficulty of maintaining car conditions in the mobility market and the problem of low residual value of vehicles. Whether its a shared travel or short-term rental, it is still chained through key data on the blockchain to ensure the safety and convenience of services. This will concurrently enhance the core concept of asset management to enhance the comprehensive income value of vehicles, allowing each customer participating in the platform to obtain additional value.
At the IoT 3.0 theme summit on October 28th , Mr. Guo Hao, the Director of Beijing Mercedes-Benz Used Cars Division invited Dr. Harry Behrens, the head of the Germany’s Daimler Blockchain Factory, to jointly deliver a dual on and offline keynote speech. During this auspicious event, Mr. Guo pointed out two major characteristics of the used car industry determine that blockchain technology is expected to be the first applied on a large scale. First of all, the scale of the used car industry is large enough as a measure, currently estimated at 2.6 trillion Chinese yuan, with a large transaction amount and frequent transactions. Secondly, the used car industry has legacy issues, which cannot be completely solved by traditional offline methods and digital transformation. It is up to the blockchain to provide trusted data to support transactions and protect the interests of buyers and sellers.
If we were to dig deep down for a specific implementation of this prediction, Dr. Harry Behrens, head of the Daimler Blockchain Factory, did deliver a detailed explanation online. MBP, meaning (Mobility Blockchain Platform) builds a comprehensive technical infrastructure featuring a triplicate combination of Decentralized Identity(DID) + The Internet of Things (IoT) + Blockchain technologies to continuously bring high returns on a low-cost scale. The key technologies it adopts include:
• Based on DID technology to verify identity, credentials and signatures
• Smart contract based on privacy signature
• Upload transaction records and invoices during the entire vehicle life cycle to the distributed blockchain for data storage anytime and anywhere, so that financial institutions can obtain trusted data for residual value assessment.
Mr. Xie Hong-jun, chief operating officer of Juzix, said that the MoveX vehicle asset digital management solution jointly released by Juzix, along with the combined efforts of Daimler and aitos.io have created an entirely new field of great value to asset value management on the blockchain. Juzix provides open, credible, and privacy-preserving blockchain and artificial intelligence underlying technologies. Through in-depth cooperation with aitos.io and Daimler, Juzix’s PlatON Enterprise ecosystem now strategically extends into the Internet of Things and traditional automobiles based on the Internet of Things. The vehicle data collected by Telematics Box (T-Boxes for short) in these connected vehicles is signed and stored on the blockchain to ensure the credibility of the data collected during the entire life cycle of the vehicle at the source. This attestation process helps to greatly reduces the possibility of forging or tampering with the data in the life cycle portrait of the vehicle in used car transactions.
Mr. Leo Lin, CEO of aitos.io, noted the combination of blockchain and the Internet of Things provides a whole new and unique way for the digitization of traditional physical (in this case Car) assets. There have been many attempts and applications of blockchain for the management of digital assets. Nevertheless, for the physical assets that still exist in large numbers today, just maintaining a table of information corresponding to the physical assets on the blockchain through manual operation cannot guarantee that the status changes of the physical assets will be reflected on the blockchain in time, nor that manual operations won’t cause major mistakes to occur. For example, if the physical (Human) owner of a dairy cow (typically on a Mongolian Daily processing Farm) is recorded on the blockchain as being A, but in fact the cow (non-human) is actually the object recorded on blockchain as A, we still cannot determine whether the cow itself is in fact dead or alive; therefore, it is difficult to distinguish only from the data points randomly collected on the blockchain. The MoveX vehicle asset digital management solution jointly released by aitos.io, Mercedes-Benz StarElite Used Car, Daimler Mobility Blockchain Factory, and Juzix help to solve this problem by fully integrating the Internet of Things technology and blockchain technology as a turn-key. This is built into the T-Box’s containing the cellular IoT modules, which are utilizing aitos.io’s blockchain application framework called the “BoAT” and serves as an Oracle, the state of vehicle assets under the blockchain is updated safely and in real time from the vehicle to the blockchain without manual operation, thus solving the problem of consistency between the state of the assets on the blockchain and the state of physical assets. We are fully convinced and excited to think that the utilization of blockchain + IoT technologies with asset management of smart contracts on the blockchain can manage physical assets like digital assets. What we can be assured of is the digital operation of a large number of physical assets will have a lot of room for further imagination.
aitos.io is a technology startup focusing on trusted identity authentication and data privacy-preserving for AIoT enterprises. Capitalizing on the rich resources of the global IoT industry, aitos.io has been instrumental to successfully navigate the fragmented IoT vertical industry with an advantageous early adoption strategy for surging cellular IoT platforms. The mission statement of aitos.io includes the ability to leverage the global alliance of cellular IoT manufacturers to empower IoT device manufacturers to tap the value of applications and data. At the beginning of the project’s launch in the second half of 2018, aitos.io obtained angel investment from IoT industry expert groups and strategic investment from Wanxiang Blockchain aitos.io also became a member of the sixth phase of the ARM accelerator growth camp.
Follow us by the link: https://www.linkedin.com/company/aitos-io