Want to clear your name? Tesla may also need a blockchain

What changes can blockchain technology bring to the automotive industry, given the huge potential of the market and the many pain points that have surfaced? Will it set off a digital intelligence revolution in the automotive industry?

Want to clear your name? Tesla may also need a blockchain


A month ago, a video of a woman standing on the roof of a Tesla shouting “Tesla brakes are not working” went viral. Subsequently, Tesla released the driving data of the car one minute before the accident to prove its innocence, while the rightful owner believed that Tesla might have tampered with the data. In this case, the rights owners and Tesla each side of the argument, the reason why there is a debate is due to the existence of the platform data is credible.

On April 28, shortly after the Tesla crash, the China Association of Automobile Manufacturers (CAAM) held a seminar on data security for intelligent networked vehicles in Beijing to discuss the safety regulation of intelligent networked vehicle data, industry development, private data privacy protection, and data trustworthiness. At the seminar, CCA released a blockchain platform for trustworthy data storage of automobiles.

The automotive market contains huge potential but also surfaced many pain points. What changes can blockchain technology bring to the automotive industry? Will it set off a digital intelligence revolution in the automotive industry?

Trusted storage and sharing of automotive data on the chain

Behind the Tesla rights incident, what is exposed is not only the safety of smart cars, but also the lack of trustworthiness of platform data and other problems. And in this piece of data security, the value of blockchain technology comes to the fore. Blockchain comes with the characteristics of anonymity, traceability, and hard to tamper can well solve this problem. With the support of blockchain technology, the data will be shared equally for each party, i.e. after the driving data is uploaded onto the chain, the data will no longer be controlled by car manufacturers such as Tesla, but shared by all car owners and Tesla. Under this extensive supervision, Tesla is unable to interpret the data at will, and tampering with the data is technically almost impossible.

And for an automotive company like Tesla, the application scenario of blockchain is not only limited to this. Autonomous driving technology has become a new windfall in the automotive industry in recent years, with traditional car companies, Internet companies and others stepping into this field.

The mainstream method for major manufacturers to achieve autonomous driving is through V2X technology (vehicle to everything), which means that the car and roadside sensors collect environmental data together and upload it to the central cloud system, and the cloud system and the vehicle itself make decisions on driving behavior together. In this process, the vehicle is isolated from each other, and all environmental data needs to be processed by the cloud system, which requires a great amount of computing power. And once the central cloud system is attacked, the whole vehicle system will face paralysis.

The introduction of blockchain technology may be a feasible approach. Because blockchain technology can help vehicle data to be shared securely in a distributed form, it can, to a certain extent, avoid the risks that data center-based processing may face.

In addition to autonomous driving, the concept of car sharing has also emerged in recent years. Shared cars are now everywhere, and the addition of blockchain may take its sharing concept to the next level. Today’s taxi and carpooling services still have to go through intermediaries like third-party payment platforms, and the matching between passengers and vehicles is mostly determined by service providers. This series of actions that need to go through the platform leads to problems such as lack of payment transparency and unreasonable arrangement of routes for car sharing. When using blockchain technology for taxi and carpooling, both passengers and vehicles can no longer rely on intermediaries, and the sharing of data makes payment security and choice autonomy greatly enhanced. Today there are a number of related projects, such as Fun Travel in China, La’Zooz in Israel, and the Toyota Research Institute (TRI), all of which are improving carpooling services through blockchain technology.

Blockchain-based data security sharing provides viable technical solution options for faulty vehicle recall, parts traceability, vehicle location and auto insurance.

Incentive mechanism is expected to give the auto industry more “play”

Blockchain as the technical support behind digital currency, its significance for the auto industry does not only stay at the level of data storage, but can also give the auto data or the auto itself certain financial attributes for users. For example, the EGCC coin that went online on Firecoin in March 2018.

The name of the EGCC project is called ENGINE. ENGINE uses blockchain as the core technology to establish a big data sharing platform for automobiles and is committed to building the first chain in the global automotive industry, promoting the blockchain revolution in the automotive field by realizing the openness and transparency, traceability and queryability of the whole life cycle data of automobiles. It aims to eliminate the fraudulent behavior arising from the asymmetry of information in used car transactions and truly realize the fair trade and sale of used cars.

It is worth noting that users can share data and get revenue on the platform, and there is incentive to contribute, which attaches a new business meaning to the ENGINE blockchain ecology. However, the ecological design of ENGINE is not perfect, it allows for different definitions of data side chains, and this model has the hidden danger of privacy leakage. After going on Firecoin, the actual circulation of EGCC is unclear and the heat is gradually slipping.

In addition, there are many innovative projects that try to give auto finance attributes. On March 17 of this year, Ali’s Jiji Auto revealed for the first time the core operational chain of its world’s first user equity platform, CSOP (Customer Share Option Plan). “The “crystal” is points, which users can obtain by participating in tasks, activities or opening functions. The “original stone” can be understood as the incentive of car data, the earlier the vehicle is used, the greater the value of the data, the greater the chance of obtaining the original stone. In addition, the user can also use the crystal to extract the original stone. Behind the original stone is the right to share the dividends, and the relationship between users and the company becomes closer through the original stone, each user is a possible partner, and may enjoy the benefits of the “stock” price increase. In a way, Jiji Auto is like an STO (securitized pass-through issuance), and it is still a question mark whether this innovation can develop smoothly under the current regulatory system.

Let every commercial vehicle become a trusted mobile data source

The auto finance discussed above is largely in the context of passenger cars. At the same time, the logistics industry has also seen a major explosion in recent years due to the development of e-commerce, and commercial vehicle finance is also a field full of opportunities and challenges. Commercial vehicles, i.e. vehicles designed and technically characterized for transporting people and goods. The development of the financial leasing market for commercial vehicles in China is slow because of the difficulty in controlling risks and the lack of credit mechanisms. For example, the drivers who carry out logistics and distribution do not have ownership of commercial vehicles, which tend to depreciate quickly and also give rise to a series of problems such as blame shifting and reduced distribution efficiency. For example, the lack of a unified set of inspection standards for used commercial vehicles, logistics enterprises or individual drivers face a lack of trust in the market when acquiring commercial vehicles.

On May 6, Chery Commercial Vehicle signed a strategic cooperation agreement with Ant Chain to jointly promote the application of blockchain and other technologies in the field of new energy commercial vehicles and build a new trust system for urban distribution logistics.

The market for new energy commercial vehicles is huge. According to China Automotive News, there are about 20 million logistics vehicles in China, of which new energy logistics vehicles account for only 2.5%. In addition, it has the basis of “car network”, but the data is scattered, but the potential of new energy commercial vehicles is huge. The cooperation between Chery Commercial Vehicle and Ant Chain seeks to solve the previous state of “information silo” among commercial vehicles. Chery implanted blockchain technology for new energy logistics vehicles, and the operational data is recorded and transferred on Antchain in real time, which means that every vehicle is a data center and becomes a mobile and credible data source. This realizes the digitization of the whole process of distribution activities, and from the perspective of controlling risks, the credit risk of the driver is changed from the previous control to the credit risk of the vehicle, and obviously the latter is more controllable.

Many difficulties behind the infinite imagination

In the process of using a car, the valuable data that can be collected is not only driving data, but also fuel price data, road data, weather data and so on. If these data can be uploaded to the chain, the fields benefited will no longer be limited to the automotive industry, but will penetrate into all walks of life. Based on blockchain technology, the imagination of the automotive industry is infinite, and the application scenarios and values that can be mined are infinite.

However, how much does it cost to pursue such gains, and how big a data network does it need to build? In addition to the arithmetic demand for building data platforms, it also involves the immature regulatory system in the blockchain field and all the uncertainties it brings. The prospect of “car + blockchain” is endless, but there are also many problems.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/want-to-clear-your-name-tesla-may-also-need-a-blockchain/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-05-20 11:13
Next 2021-05-20 11:21

Related articles