Groupe Renault Collaborates With VeChain to Develop Blockchain-based Digital Record

• An individual digital identity for each vehicle will be recorded.
• Every automobile owner will be given a private key.

Approximately one billion Euros worth of clock automobile sales were reported by the Times. The act of “clocking” a vehicle is also known as “busting miles” or “odometer fraud” in the United States. Even while it’s prohibited in the US, gaps in the EU’s legislation allow it to continue to be practised there, which explains the rise in Car Clocking cases.

Groupe Renault is developing a blockchain-based digital automobile maintenance book to address these and other issues. It will be possible for Groupe Renault to create an open data collection architecture that eliminates problems like “Car clocking” by working with VeChain, a leading provider of Blockchain solutions around the globe.

Verifiable Record System

An individual digital identity for each vehicle will be recorded on the decentralized log book network through VeChain’s Blockchain technology. Every automobile owner will be given a private key that provides them access to data viewing and editing each car detail with a QR code, an NFC tag, and an RFID tag for traceability.

If a car owner chooses to sell their vehicle, the buyer will be able to see the vehicle’s entire purchase history, including mileage and maintenance and replacement data. While typical maintenance and logging techniques involve a system that stores vehicle logs with many physical parties, VeChain is going much farther and creating an even more valuable value system.

Customers will no longer have to wonder about the genuine state of a second-hand automobile thanks to the VeChain Blockchain, which provides an easily verifiable record system that provides all the information about a specific car at the press of a button.