Smart Contracts for Vehicles
About the Client
An innovative technology startup that brings new value to a number of industries by applying blockchain technologies.
Create a solution for vehicle tokenization, which makes car leasing more effective by making deals fast, secure, and clear for all parties involved.
Meeting the Challenge
An IoT device connected to a vehicle collects various metrics such as VIN, odometer readings, average fuel consumption, etc. This data is stored in the smart contract as blockchain transactions. The smart contract then reports this information to a leasing agency and an insurance provider. The smart contract data is used later on in the car selling process and contains all the vehicle’s history.
The DeviceHive IoT platform and Azure Blockchain as a Service are used as key solution components. The mobile application uses sensors and sends the data to DeviceHive.
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The solution allows the following business benefits to be achieved:
- IoT data proves that the information is authentic and accurate, guaranteeing the deal’s safety and transparency.
- Сapable of handling data of any kind without known limitations, e. g. car color. Release year data can be registered through the mobile application.