Hyundai AutoEver presents about its blockchain-based used car trading service at POSCO Tower, mentions Aergo

Real adoption! Hot off the press, Hyundai AutoEver states that its blockchain for used cars will anchor to the Aergo public mainnet

Remember the major press release made in Korea regarding Hyundai AutoEver’s new blockchain platform for tracking used cars? The Block, a well-respected blockchain media publication picked up on the news and reported on it on April 25:

Well, an interesting turn of events took place at the POSCO Tower in Seoul, South Korea, just earlier today. A deputy director at Hyundai AutoEver, the Hyundai affiliate company that manages the IT for all 54 of Hyundai Motors Group’s systems, just announced that the platform will be anchoring to the Aergo mainnet.

We learned about the news through a news article on Korea Economy on May 29, a high traffic news publication in Korea with over 11 million monthly page views:

Here’s the highlight:

The blockchain utilized by Hyundai AutoEver for used car sales services is also set to anchor (aka record hashes of data externally) to Blocko’s public blockchain of choice, Aergo, further enhancing data reliability. This information was followed by the fact that it is possible to apply the token economy in the future, so an expansion in this regard can be considered.

The article is translated and provided below:

Hyundai AutoEver: “Blockchain Used Car Trading Service Development”

(Korea Economy) — Gangnam, May 29th, 2019 — Korea’s Ministry of Science and ICT held the Blockchain TechBiz Conference at POSCO Tower in Gangnam, Seoul, South Korea. Hyundai AutoEver presented at the event on the platform they’re building

Young-hwan Lim, deputy director of Hyundai AutoEver pilot development team, explained at the POSCO Tower in Gangnam, South Korea: “In the used car market, it’s hard to verify whether information being provided by sellers is true or false. The damage from fraud is ever-increasing. Hyundai AutoEver is developing a blockchain-based used car platform that can verify vehicle data and accident history”

Hyundai AutoEver has partnered with Hyundai Glovis, a logistics company; Blocko, a blockchain technology and IT solutions provider; and ABC Solutions, to pursue a blockchain-based used car trading platform service.

Information on used car market information, as well as accident history, including bumper exchange, seller reputation information, etc., is recorded on the blockchain to prevent straying and tampering. Based on this, it will also create derivatives services such as predicting used car quotes and reading fraudulent merchandise.

The blockchain utilized by Hyundai AutoEver for used car sales services is also set to anchor (aka record hashes of data externally) to Blocko’s public blockchain of choice, Aergo, further enhancing data reliability. This information was followed by the fact that it is possible to apply the token economy in the future, so an expansion in this regard can be considered.

In particular, the used car accident history search service was implemented based on Augmented Reality (AR), which greatly improved consumer satisfaction. When a used car is scanned using a smartphone or a tablet PC application (application program), it displays on the screen which part of the car has a history of accident.

Based on such a reliable blockchain-based used car trading platform, we plan to create various consumer-friendly services.

Lim of Hyundai AutoEver stated: “We will develop a vehicle lifecycle management service after constructing a block-chain-based used vehicle trading platform. Currently, the information is the logistics part of the vehicle, and plans to extend the cover range from manufacturing coverage to sales parts mobility.”

What does this mean?

This announcement is very meaningful! We saw the announcement on April 25 from Hyundai that they’re beginning their collaboration with Blocko to build their new platform to track used cars.

Now, in recent news, as of May 29, Hyundai AutoEver’s director states at a presentation in POSCO Tower that they’ll be using the Aergo mainnet as an second stamp of approval for transactions on their platform. As the Aergo mainnet exits it’s incubation phase in the coming months, we could expect Hyundai AutoEver to begin anchoring transactions to the Aergo public blockchain — the Aergo mainnet.

Anchoring is the process of recording hashes of data — whether that’s block headers from a private blockchain, or other data directly from a database — to a blockchain. This produces an incorruptible record that will allow for easy detection of data manipulation, which could save significant costs for many Hyundai affiliated organizations.

Recording private blockchain data to the Aergo mainnet is an example of a ‘hybrid’ blockchain use case that is best suited for the platform.

What’s next?

We are still in the early stages of the platform Hyundai AutoEver is building. With Hyundai AutoEver having a massive reach — scoping to over 54 Hyundai affiliated companies — we could see the platform they are building see massive adoption in multiple different areas of the supply chain.

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