Mercedes-Benz in China Joins PlatOn for Blockchain Used Car Data

Mercedes-Benz in China Joins PlatOn for Blockchain Used Car Data

PlatOn creates a blockchain platform alongside Mercedes-Benz for tracking used car data and providing automatic price estimates

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Blockchain solutions company PlatOn has created a platform for storing data and calculating the price of used business cars at Beijing Mercedes-Benz Sales Service (BMBS).

Calculating and monitoring car price

PlatOn shared the news with Cointelegraph on Aug. 29. According to the announcement, PlatON’s blockchain-based Vehicle Residual Value Management Platform can store both static and dynamic data, which will be used to automatically calculate the residual value of registered vehicles over time. 

Additionally, the Vehicle Residual Value Management Platform will reportedly be open to the used car market, including entities beyond just BMBS. These other parties include 4s car dealerships — authorized car dealerships in China — as well as vehicle inspection firms and used car owners.

A market with millions of used cars

Plato CSO Ada Xiao highlighted the size of the used car sector in China, arguing that the industry needs better data collection and monitoring services. She remarked:

“With over 6.5 million used cars in China traded in the first half of the year alone, we hope that our collaboration with BMBS will highlight the need for more sophisticated data collection systems to accurately monitor the value of the vehicles comprising China’s substantial used car market.”

Mercedes-Benz’s parent company moves into blockchain

As previously reported by Cointelegraph, Mercedes-Benz parent company Daimler entered into a partnership with blockchain interface solutions startup Riddle & Code in July. Riddle & Code set out to create a hardware-based car wallet, per the agreement. Car wallets reportedly have many use cases, including car-sharing, autonomous vehicles and real-time communication of secure traffic data with smart city environments.

The wallet reportedly has a blockchain-based identity feature for cars, which can make them more secure. Riddle & Code CEO Tom Fürstner explained:

“Autonomous cars must behave consistently to be trusted. Cars are already computing devices. A secure identity ensures that the right authorities have approved code executed inside vehicles and the trustworthiness of data exchanged. RIDDLE&CODE secures this with its cryptographic hardware and uses ledgers to turn automobiles into future market places.”


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PlatOn creates a blockchain platform alongside Mercedes-Benz for tracking used car data and providing automatic price estimates

Wanxiang and PlatON Join Forces for Blockchain Infrastructure of New Smart City in China

Wanxiang and PlatON Join Forces for Blockchain Infrastructure of New Smart City in China

Auto giant with multiple subsidiaries, Wanxiang, has partnered with PlatON to create blockchain solutions for future smart city in Hangzhou

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Automotive giant China Wanxiang Holding Co., Ltd has partnered with blockchain-based tech firm PlatOn to develop a “smart city” in Hangzhou, according to a report by CryptoNinjas on June 20.

According to the report, the smart city—dubbed “Innova City”—will be built with tech using PlatON’s blockchain infrastructure, for purposes like interfacing with city resident ID cards as well as monitoring driving behavior.

The report includes a statement from Chief Innovation Officer at Wanxiang, Vincent Wang, who goes into more detail on such applications, saying:

“Imagine a smart transit system that tracks and rewards responsible driving behavior, or a renewable power grid that incentivizes energy generation and trading, or even a myriad of urban services that can be validated, built, and offered at ease without the constraints of rigid data silos.”

As per the report, Chief Strategy Officer at PlatON Ada Xiao also commented on how PlatON’s privacy services will be used in the city, saying:

“With our use of Multi-Party Computation (MPC) and other privacy-preserving technologies, we can ensure the privacy of sensitive data including digital identities of residents, smart equipment, and personal devices, as they interact with one another on a shared ledger.”

Innova City is projected to contain 90,000 residents when launched in 2025. The city also plans to include an “International Research and Innovation Park” as well as Wanxiang automotive facilities with electric vehicles. As per the report, Wanxiang has committed $29 billion to support Innova City’s creation.

Wanxiang appears to have deep ties with PlatON.

According to PlatON’s website, PlatON partners with Wanxiang Blockchain on a consortium blockchain for enterprise applications. Additionally, Feng Xiao is listed as co-founder of PlatON, Chairman of Wanxiang Blockchain, and founder of Wanxiang Blockchain Labs.

According to Wanxiang Blockchain’s website, Wanxiang created Wanxiang Blockchain, which contains Wanxiang Blockchain Labs as one of its six groups.

As previously reported by Cointelegraph, the Chinese government announced in April that it would fund the development of a blockchain-based smart city in Malaysia. Project CEO KK Lim commented on the vision for the city, saying that they intended to use blockchain tech to transform Malaysia a “world-class tourist destination.”


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Auto giant with multiple subsidiaries, Wanxiang, has partnered with PlatON to create blockchain solutions for future smart city in Hangzhou