Online platform Dealer Market Exchange (DMX) has developed a new blockchain-powered solution for the automotive industry that it says will better streamline the way dealers, car makers, sellers and consumers conduct business.
Based on the Hyperledger permissioned blockchain, DMX has created VINblock – a platform designed to track the lifetime activity of any vehicle through its unique Vehicle Identification Number (VIN).
DMX said VINblock’s permanent shared ledger of VINs aimed to provide accurate and timely tracking of vehicle identity and ownership changes, enabling increased trust, security, accuracy, cost and speed over a transparent database.
“Our VINblock permanent, shared ledger, based on Hyperledger Fabric blockchain technology, provides a critical value-add for building a foundation of connected mobility for OEMs (original equipment manufacturers), dealers and consumers to conduct business well into the 21st century,” said DMX CEO and co-founder Jason Bennick.“As we innovate next-generation solutions across automotive, we’re striving to create new channels that can operate faster and more efficiently than most everything out there, and in a new, low-cost and fully trusted, secure environment.”Click To Tweet
VINblock is anticipated to launch in 2019 and DMX said a first working model would be presented at the Hyperledger Global Forum being held in Switzerland, today.
Users will access VINblock via mobile on the DMX platform.
DMX Foundry, the company’s blockchain and AI innovation department, director Jim Mason said DMX was leveraging key Hyperledger Fabric platform features in VINblock, including the new smart contract program model, private data and management operations features