PlatON develops blockchain data tracking solution for used car market

PlatON, a privacy-preserving computing network, announced it has developed a bespoke blockchain-based ‘Vehicle Residual Value Management Platform’ for the used car business line of Beijing Mercedes-Benz Sales Service Co., Ltd. (BMBS).

The platform will store static data and dynamic data, which will be used automatically compute a vehicle’s residual value throughout its lifecycle.

“From electric vehicles to driverless cars, emerging technologies have come to rapidly shape the trajectory of innovation in the automotive industry to a model that champions greater security and sustainability. With over 6.5 million used cars in China traded in the first half of the year alone, we hope that our collaboration with BMBS will highlight the need for more sophisticated data collection systems to accurately monitor the value of the vehicles comprising China’s substantial used car market.”
– Ada Xiao, CSO at PlatON

PlatON’s blockchain-based platform will be open to all relevant parties in the used car market, from Mercedes-Benz and 4s car dealerships* to vehicle inspection firms and owners, allowing for the convenient monitoring and auditing of the dynamic residual values of vehicles. PlatON’s emphasis on privacy-preserving mechanisms will help to ensure that all data stored on the blockchain is adequately encrypted, allowing for the safe transmission and storage of sensitive data without compromising privacy.

The collaboration between PlatON and the leading automotive brand was born out of the project’s participation in Startup Autobahn Batch 3, an innovation platform powered by Daimler Innovation Technology (China). With the goal of mentoring and incubating global tech startups that look to develop products in the mobility sector, Startup Autobahn provides the technical mentorship and automotive expertise over the course of 100-days to help these projects successfully pilot and deploy a production-ready solution.

Startup Autobahn is the open innovation platform initiated by Daimler, aiming to combine the unrivaled tech expertise of Silicon Valley and the best of German engineering. It unites global tech startups with industry giants. Startup Autobahn runs in several countries including Germany, the US, China, India, Singapore, and South Africa. Its network of investment firms and mentors further facilitates the growth of tech companies, realizing the vision of “No Limits.”