PlatON, Mercedes-Benz Collaborate To Develop Blockchain Platform For Secure, Tamper-Proof Data Tracking

Blockchain, News | August 30, 2019 By:

Data sharing platform PlatOn has announced a new collaboration with Mercedes-Benz to develop a bespoke, blockchain-based ‘Vehicle Residual Value Management Platform.’

Founded in 2018, PlatON is a next-generation computing architecture that aims to facilitate secure, seamless, and open data sharing for the public good. Through Privacy-Preserving Computation (PPC), PlatON breaks down data silos and enables secure data exchange and collaborative computing for enterprise users. With its open-source data marketplace, PlatON supports and incentivizes individuals and businesses looking to both monetize and utilize data resources. Currently, the firm is enabling real-world usability across a variety of global industries, including advertising, healthcare data management, IoT and decentralized AI, financial services, as well as key management systems.

In a press release, PlatON announced that it has developed a bespoke blockchain-based ‘Vehicle Residual Value Management Platform’ for the used car business line of Beijing Mercedes-Benz Sales Service Co., Ltd. (BMBS). The platform will reportedly store static data and dynamic data, which will be used automatically compute a vehicle’s residual value throughout its lifecycle. The goal of the platform is to bring greater cost-efficiencies and auditability to Beijing’s billion-dollar used car market.

According to PlatON, the platform will be open to all relevant parties in the Used Car Market, from Mercedes-Benz and 4s car dealerships* to vehicle inspection firms and owners, allowing for the convenient monitoring and auditing of the dynamic residual values of vehicles.

“From electric vehicles to driverless cars, emerging technologies have come to rapidly shape the trajectory of innovation in the automotive industry to a model that champions greater security and sustainability,” said Ada Xiao, CSO at PlatON. “With over 6.5 million used cars in China traded in the first half of the year alone, we hope that our collaboration with BMBS will highlight the need for more sophisticated data collection systems to accurately monitor the value of the vehicles comprising China’s substantial used car market.”