Mercedes-Benz to utilize blockchain for Beijing trade-in car market

The Beijing Mercedes-Benz Sales Service Company (BMBS) will apply blockchain technology to storing trade-in car information, as indicated by a report yesterday. Startup PlatON built up the platform, which will be made accessible to Mercedes Global.

Without a single source of truth, navigating the trade-in car market can be troublesome. Issues can be covered up by past proprietors or dealerships since there is little transparency in the industry. Be that as it may, purchasing a trade-in car is less expensive and better for the environment. Up to 35% of a vehicle’s carbon footprint originates from its production.

Here enters blockchain, going about as a reliable record of car maintenance history. With a permanent store of information, buyers can be given significant serenity in buying a trade-in car. Mercedes Benz and PlatON plan to store vehicle information for its whole lifecycle.

PlatON CSO, Ada Xiao, stated: “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.”

Without a doubt, the possibility that all the more environmentally friendly utilized and enlisted cars will turn into the standard of things to come is part of the motivation behind a similar initiative in Singapore. China, as well, has a flourishing trade-in car market, worth around $1 billion.

She included: “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.”

PlatON caught the eye of BMBS after its interest in hatchery program Startup Autobahn, which is controlled by Daimler, the proprietor of the Mercedes Benz brand.

A month ago, Daimler reported its blockchain-based car wallet and previously tested out utilizing tokens as incentives for sustainable driving. The company’s latest blockchain project is a pilot for a truck wallet digitizing cargo papers and toll payments.

In the interim, Mercedes Benz has a high profile supply chain project with Icertis, which likewise flaunts a partnership with Microsoft. Contender BMW is one of the most active car makers in blockchain, an establishing individual from the MOBI union. The firm has likewise worked with Daimler on a €1 billion non-blockchain venture.