VeChain

SOLUTION

Automotive Passport Solution

For Manufacturers of Automobiles and other OEMs

With the Automobile Solution based on the VeChainThor Blockchain, VeChain assigns each vehicle a unique VeChain ID and a digital passport that covers the entire lifecycle of the car. By using the authentic data stored on the blockchain, the brand can assess the quality and authenticity of auto parts. Additionally, access to that data can be shared by the vechicle owner to different third-party service providers such as for car insurance, used cars trading, auto-finance, etc.

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BUSINESS CHALLENGES

Industry Problems and Pain Points

Low Data Reliability

In a centralized system, it’s possible for the data to be tampered with. The alteration of core data may hurt the interests of customers and other stakeholders in the industry.

Information Asymmetry

The data related to production, sales, driving and maintenance of the vehicle are kept by the brand, thus making it difficult for the other service providers to believe the data instantly when presented with it.

Insufficient Digital Service

Most brands fail to make good use of the authentic and reliable data to provide value-added services to the owners, leading to poor customer retention and a lack of repeat buyers.

VECHAIN

Solution Overview

With the Automobile Lifecycle Management Solution, each vehicle is digitized and allocated a unique VeChain ID to keep track of the production, sales, maintenance, repair, driver behaviour, and ownership transfer of the vehicle. All the data is stored on the VeChainThor Blockchain, thus making it immutable, undeletable, and more reliable.
Automobile manufacturers are able to manage the entire lifecycle of key components, keep track of vehicle’s condition based on the data collected through IoT (Internet of Things) devices, acquire damage information and replacement records, feed data to the brand’s R&D team to improve vehicle design, and facilitate recall operation in a timely fashion. These enhancements can be used to highlight corporate social responsibility and safety responsiveness.
When authorized by the owner, data generated during the vehicle’s lifecycle can be shared with third-parties for better customer service and experiences. For example, with the driver data, insurance companies are able to set the most suitable insurance rate for that particular driver; used-car trading markets could root out information asymmetries; and financial institutions could assess the vehicle’s value more accurately, and set a reasonable loan policy and rate. All of these new services are enabled by the trusted and controlled data sharing with the VeChainThor blockchain.

Complete Lifecycle Management

All the core, data related to production, sales, repair, maintenance, driving behavior, and transactions will be verified and stored on the blockchain.

Automobile Industry Digital Transformation

By leveraging blockchain technology, we can facilitate digital transformation of the automobile industry: the authentic data on blockchain can be used to provide value-added services for car owners.

Transparent and Secure Data

The core data is stored on the VeChainThor Blockchain to ensure its security and immutability. When authorized by the owner, service providers can access authentic information in an efficient and transparent way.