ACI and EY have announced a blockchain based Digital Vehicle Dossier project.
EY has decided to use a hybrid blockchain for this project in order to process a large number of transactions. Hybrid means using a private blockchain but at the same time guaranteeing data integrity thanks to the public Ethereum blockchain that notarizes with a fixed frequency what is recorded by the private one.
This would be the first smartphone app that allows the end user to have certified data of their vehicle, with “the ability to exchange information in a trusted environment,” as explained in the press release.
The aim is to have active citizens, transforming them from spectators to a driving force for the services they use. ACI is thus using the blockchain to bring transparency to the sector.
The blockchain, developed in collaboration with EY, allows the certification of the life cycle of the vehicle through the virtual notarization of a file containing all the data related to the car.
According to Giuseppe Perrone, EY Blockchain Hub Mediterranean Leader:
“The use of Blockchain technology within this project will enable a single interoperability standard to be defined for the creation of an automotive ecosystem and for the automation of certain processes during the asset’s life cycle. Through the creation of tokens, i.e. digital objects that cannot be replicated, it will be possible in the future to envisage the adoption of automated property exchanges based on smart contracts”.
As explained in the press release, only 33% of consumers in Europe receive information on the history of the vehicle and in Italy the used car market is around 5% and 12%. Tampering with odometers leads to losses in the sector ranging from 5.6 billion to 9.6 billion.
The dossier of the car certified using the blockchain could, therefore, improve the experience of the driver thanks to unalterable and certified data.
Claudio Meucci, EY Market Leader Advisory Mediterranean area, explained:
“Thanks to the use of blockchain technology, the citizen becomes co-author and supplier of data that, through a virtual notarization system, will form the digital dossier of the vehicle. The aim is to allow citizens themselves to consult and check the history of the life cycle of a car by simply inserting the number plate in a smartphone app”.
The Digital Vehicle Dossier, integrated into the ACI Space app, will soon be available on the iOS and Android App Stores.
In order to use the file, it will be necessary to download the free app ACI Space and enter the code AC1C4RDS in the settings.