Italian car manufacturer Alfa Romeo plans to release its new Tonale model in 2023. But what makes this so special? Well, asides from the plug-in hybrid electric vehicle boasting a turbocharged 1.3 liter four cylinder engine and a 90KW electric motor it also comes with its own unique Non-Fungibe Token.
The NFT could be a game-changer in the fact that it will record every single detail about the car on blockchain for all to see. Alfa Romeo says the Tonale will be the first car NFT of its kind that certifies purchase of the Tonale and then stores all data relating to its history.
Quite often in today’s automotive industry documents on vehicles’ past services or incidence of collisions are not recorded or divulged on a purchase of a new vehicle. Some dealerships can even tamper with vehicles to make them appear in more prestige condition than they actually are. This is a problem that Alpha Romeo aims to solve.
The blockchain ledger will hold crucial information that is pertinent to the car’s value, such as crash history, full service history, and/or any reoccurring problems which would be all fully verifiable data stored on the blockchain and totally uneditable.
Here’s what the Head of Alfa Marketing and Communication, Francesco Calcara, said during a media briefing:
“Digitalization is a key enabler of our metamorphosis. Tonale is the first car ever to keep a blockchain, non-fungible token. NFTs are based on the same distributed information logic that protects your Bitcoin. It records all data on the blockchain.”
Taken from Alfa Romeo’s related press release the automotive giant quotes:
“With the customer’s consent, the NFT will record vehicle data, generating a certificate that can be used to assure the car has been properly maintained … On the pre-owned car market, NFT certification represents an additional source of credibility for owners or dealers to count on.”
Although the exact intricacies of the recording of history are yet to be ironed out due to the fact as it stands only recognized dealers will be authorized to add to the blockchain ledger it is clear that Alfa Romeo appears to be way ahead of the game with this one. A world where an item as important as a car can be fully accounted for is certainly a positive change within the automotive industry.