VeChain partners with Chinese company for blockchain solutions in the automobile industry

VeChain recently announced a partnership with Shanghai eGrid Consulting Co., LTD which is a consulting company for data solutions utilized by auto brands.

According to the deal, they will be integrating VeChain’s existing automobile solution into its current automobile ERP, SCM, and CRM solutions. The partnership also extends into the use of VeChainThor to leverage the nature of the blockchain throughout their business model.

VeChain plans to penetrate the automotive industry by providing solutions to complex problems by using the blockchain and IoT technology.The use of VeChainThor provides secure IoT and proof of origination in a way that enables entirely new metrics to be exercised by decision makers, VeChain’s solution is not just restricted to maintenance of a vehicle but also to understand user behavior using IoT technology to that can empower big data sets within insurance packages, car manufacturer improvements, and cart part manufacturers.

Every aspect of a car’s data will be captured into the blockchain and this data which is owned by the seller/distributor can be truly owned by the car owner. When this data is integrated together different data holders only obtain portions of the data’s value.  It will be possible for an insurance company to have an instant overview of the vehicle’s lifecycle, from maintenance to potential accident history, making it much easier to quote next year’s car insurance cost. The entire process greatly reduces labor and data trustworthiness costs. This cost reduction would, in turn, benefit the users.

VeChain also plans to combine the digital car maintenance solution with their green driving and carbon banking solutions to produce a lifecycle solution for data that is valuable to multiple ecosystems, regulators, and decision makers.

eGrid which is a publicly listed company based out of Shanghai is said to be In partnership with Oracle, IBM, Deloitte, Siget, Capgemini, and Hitachi. 

VeChain says that the use of the car maintenance, green driving, and carbon bank projects will be one of the leading applications for blockchain adoption seen by the public.

VeChain tweeted:

Source : https://medium.com/@vechainofficial/vechain-signs-a-partnership-agreement-with-shanghai-egrid-consulting-co-ltd-368089e6011e

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