Transparent, immutable and secure
Trust is the basis of many modern social and economic activities. In business ecosystems where trust and transparency are key, companies today often still rely on outdated systems from decades past. As a result, budgets are used for maintenance rather than innovation. In such ecosystems, the adoption of blockchain technology with smart contracts will have a sweeping impact, as it frees budgets and enables the redefinition of business and distribution models.
The used car industry is characterized by a lack of trust, isolated parties and uncertainty, as many unknown parties are involved. The digitization and authentication of a car's history report would be a key element in terms of increasing trust. AdNovum and its partners focus on the case of the ownership transfer within the used vehicle market using a blockchain and smart contracts. As a result, the new blockchain-based system should lead to improvements in trust, transparency and efficiency.
Holistic and ecosystem-oriented approach
There are many disconnected stakeholders within the used-car industry. This includes, among others, car manufacturers, parts suppliers, insurance companies, importers, garages, used-car dealers and portals, vehicle evaluators, road traffic administrators, fleet managers, private buyers, sellers and renters, car rental companies and car recyclers.
The Car Dossier is implemented on the basis of a blockchain with a community approach in combination with smart contracts. This technology was chosen because it is able to establish the necessary trust among the different stakeholders through transparency, immutability and decentralized operation. Active in varied industries, AdNovum and its partners bring new and unique perspectives into the project, which creates an ecosystem with countless new business models for each of the partners and their respective customers.
Security by design
With varied stakeholders active within the used-car industry there is a large amount of data involved in storing all information about a vehicle’s life cycle. Within this industry the data is shared amongst unknown parties with independent needs and interests. To ensure that data is shared and stored securely, security must therefore be an integral part of the design of such an ecosystem. Blockchain technology is utilized, as it is able to establish the necessary trust among the different stakeholders through transparency, immutability and decentralized operation.
Car Dossier offers enterprise-grade security by design, enabling regulatory compliance and data privacy. The processing and administration of all information in the dossier is carried out in compliance with current data protection regulations and other regulatory requirements.