IOST, a custom blockchain application ecosystem, today announced a strategic partnership with ROAD, a distributed infrastructure for the automobile industry in the 5G and AI era. Through cooperation with ROAD, IOST can explore and open the automotive industry to blockchain application use-cases.
ROAD will join the IOST ecosystem and open vehicle data to IOST. It will also assist IOST in building a decentralized IoV node and open APIs to the IOST network. In the future, traditional payment services that are enabled on ROAD will be open to evolving with the smart contracts on IOST.
“Alongside the development of smart cities and smart transport; in recent years, the Internet of Vehicles (IoV) has also been in the spotlight. Blockchain technology can help IoV to evolve with its unique data authenticity confirmation feature; and by helping all parties who participate in data generation coordinate their interests.”
– The IOST Team
The ROAD team aims to create an interactive accounting system based on blockchain technology that accompanies vehicles during its life cycle, the auto-ledger. The auto-ledger uses individual interactions and cluster intelligence to build a vehicle network and intelligent transportation ecosystem to realize business applications. With blockchain, it can achieve data authenticity and privacy protection. In this ecosystem, ROAD tokens will be used to coordinate the resource exchange between the vehicle nodes and the blockchain.
IOST and ROAD will jointly explore common ground in multiple IoV application scenarios including: on-chain vehicles, human-vehicle interaction, vehicle to vehicle communication and vehicle-road connectivity. Further, the teams will promote the market and development of IoV systems under the 5G network environment; and use blockchain technology for car purchasing, utilization, city road management, and other scenarios.