November 14, 2018
Automotive Blockchain Platform for Connected Vehicles Drives New Opportunities
Filament’s Blocklet for Trusted Vehicle Applications is the first end-to-end automotive blockchain platform that plugs into vehicles to enable blockchain and distributed ledger technologies.
The automotive and transportation industry is changing before our eyes as autonomy, ride sharing, electrification, and connectivity are impacting the market all at once. Automotive, fleet, freight, and other transportation businesses need to quickly find new ways to compete in the digital landscape. Our team heard this message echoed repeatedly this week at the FreightWaves conference, MarketWaves18.
Many experts agree that when combined, the Internet of Things (IoT) and blockchain present a powerful opportunity. While there are dozens of use cases where blockchain for connected devices, equipment, and machines make perfect sense, we believe that the reason the mobility sector needs blockchain most is because it gives passenger cars, long haul trucks, heavy equipment and other vehicles a voice of immutable truth. And that universally agreed upon, transparent, and trusted data is the platform upon which new products and services can, for the first time, be built.
For example, automotive OEMs can leverage our automotive blockchain platform to create an entirely new leasing model where recorded and validated vehicle usage can determine a variable rate structure that is commensurate with the amount and type of vehicle use. Additionally, blockchain and distributed ledger technologies can enable the creation of a trusted vehicle history with detailed, cryptographically verifiable, and indisputable service records. This single view of truth means that OEMs can now accurately determine the value of used vehicles which is good for both the consumer and the supplier.
To help corporations with connected vehicles quickly understand and tap into the potential of transparent, edge-authenticated, and distributed data which will enable the next generation of intelligent mobility, Filament has introduced Blocklet™ for Trusted Vehicle Applications (TVA). This new solution addresses the specific connectivity, data and security requirements of the automotive sector, and is the foundation for the development of a wide range of blockchain applications.
Blocklet TVA combines hardware, which includes Filament’s Blocklet technology, cellular connectivity, environmental sensing, and access to vehicle diagnostics. The solution which interacts with multiple blockchains including BigchainDB, Ethereum, Hyperledger Fabric, and Hyperledger Sawtooth makes it possible for automotive, freight, and transportation companies to create new, large scale connected-vehicle services and smart contract applications on top of a trusted blockchain foundation.
We had the opportunity to speak with many organizations this week at MarketWaves18 who are exploring a wide range of new products, services, and business models created from the intersection of vehicles and blockchains. And as we continue to advance our work with global automotive manufacturers who are already using our Blocklet technology, we are excited to see automotive blockchain adoption accelerate and look forward to early results that will shape and contribute to the new generation of mobility.