Blockchain Based Used Car Data Marketplace To Launch In Singapore

Singaporean online car marketplace SGCarMart together with Ocean Protocol which is a decentralized data exchange protocol is all set to launch a blockchain-powered “Know-Your-Vehicle” data marketplace. The development of this platform was announced in a press release.

The blockchain powered Know-Your-Vehicle which is a data marketplace for used cars will reportedly create a secure way of sharing and accessing of information about used cars in Singapore, where almost 9,000 cars purportedly changed ownership per month in 2018.

The product will readily provide customers with the ability to track data origin on a vehicle and then trace its history. Subsequently, the individuals or organizations are looking to use this data in helping other industries and the government to improve products and services.

Daryl Arnold, who happens to be the founder of Ocean Protocol, said Ocean Protocol will strive to provide companies with a platform to share and monetize data in a secure, traceable, and privacy-preserving manner.

He also mentioned that the protocol will allow data owners to retain control of data access and offers an incentive mechanism for companies to deploy, to collect quality data from their stakeholders.

Back in October last year, David Arnold’s Ocean Protocol participated in the MOBI Grand Challenge tournament that aims to develop “the first viable” blockchain-powered application for vehicles and system to coordinate machines, provide the facility of data sharing, and improve the level of mobility in urban conditions.

The winners of the first challenge had prizes worth $350,000 and awards to be won in a number of categories, including $100,000 worth of tokens from Ocean Protocol.

Blockchain technology as of now has seen widespread integration and use into the transport sector to address various issues. In May, the government department of transportation in the city of Austin, Texas decided to collaborate with nonprofit Iota Foundation to create a better transportation ecosystem using blockchain tech. One of the goals of the system was where every transit system can interact with the same payment app and a single digital identity.

Also in May, the two automobile manufacturing giants Honda and General Motors got together to conduct research on EV’s and smart grid interoperability using blockchain technology to investigate whether electric vehicles can be used to stabilize the supply of energy in smart grids.