Blockchain Xdev, one of the most exciting companies in the space, is working on technology that’ll support NFTs being used as passports for connected vehicles.
A car’s NFT will be for Life
In a few years, you may own a car with an NFT that allows it to be used as a passport and other connected vehicles. This is not a scene out of a sci-fi movie; it’s the technology that Blockchain Xdev is currently developing, and it promises to be truly game-changing.
In the automotive industry, blockchain technology is being touted as one of the critical components needed for connected vehicles to work; this technology will allow the decentralized sharing of data without intermediaries.
Blockchain Xdev is not alone in their endeavor, they are working with a new consortium, and their solution is being designed using the Tezos blockchain. What this means for vehicles is that it’ll be easier to certify, trace, compile, and share critical data and information’s about cars.
The data collected will make it easier to certify the mileage, previous driver behavior, maintenance history, and more about vehicles. This will make it easier for prospective buyers and even authorities to certify claims made by vehicle owners and operators.
The world of blockchain is finally coming to the automotive industry in a massive and valuable way. In no time, data about vehicles will be stored in a decentralized database for all to enjoy.
Massive Support for the Project
Blockchain Xdev is trying to solve a problem that many auto manufacturers have. When you consider that the Renault-Nissan-Mitsubishi alliance has previously stated that they would like to connect more than 25 million vehicles, they create by 2026. This alliance is responsible for over 12% of all cars sold worldwide, which shows how important of a problem it is for automotive manufacturers.
Blockchain Xdev is also collaborating with an impressive consortium, and the digital passport being developed is being supported by seasoned corporations such as Société Générale Assurances, Inter Mutuelles Assistance, Covéa (Maaf, MMA, GMF), Mobivia (Norauto, Midas), Stellantis ( PSA ), Matmut, and Crédit Agricole Assurances.
When it comes to supporting this project, there are more than enough heavy hitters in the global automotive industry ready and willing to collaborate.
What does this mean for the future of the Auto Industry?
Part of the plan for this project is for the data collected to be visible within an application, and when a vehicle changes ownership, so will the digital file. The plan helps everyone, including insurers, who will be able to access more reliable data. It allows manufacturers to understand repairs carried out outside their networks and helps with vehicle repossessions.
Such a solution will be massive for the global vehicle insurance market that’s projected to be worth about $1.06 trillion by 2027 and the general automobile industry that’s currently worth more than $2.8 trillion.