The blockchain comes from U.S. company Filament and it is called Blocklet for Trusted Vehicle Applications. The technology is described as the industry’s first end-to-end automotive blockchain platform. The technology enables vehicles to participate directly in blockchain and distributed ledger technologies. This type of technology for vehicles allows each change to be recorded transparently and forgery-proof in chronologically consecutive data blocks.
Foe this to work, each vehicle needs to be fitted with hardware, which is based on Filament’s Blocklet technology. This hardware provides cellular connectivity, environmental sensing, and access to vehicle diagnostics. Through this a fleet provider could create a large-scale connected-vehicle service.
In addition, for companies that hire out vehicles, the blockchain technology could assist with smart contract applications. For example, the blockchain technology can be used to measure and validate vehicle usage, based on time or mileage, and then adjust lease rates accordingly.
The technology also provides an immutable vehicle history, based on cryptographically verifiable service records. These are captured in a digital ledger and provide a secure and transparent means of tracing the vehicle from point of manufacture to date.
According to Allison Clift-Jennings, who is the CEO of Filament: “The Internet of Things and blockchain are a powerful combination. We believe this is especially true in the rapidly changing automotive and transportation landscape.”
He adds that his company’s technology “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.”
The new platform is designed to be both secure and flexible. The technology allows for secure vehicle data apps and diagnostics, with the ability to securely collect, attest, and transact vehicle data.
The environmental sensors are able to assess factors like barometric pressure, temperature and humidity. These are digitally captured, and they provide context to vehicle operating conditions.
