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When Blockchain technology frees up car sharing

When Blockchain frees up car sharing 

Julien Jimenez

R&D Engineer and Security & Blockchain expert at Worldline

Blockchain is a topic that interests more and more people. Worldline’s R&D department has been working on this subject to develop new solutions. The Blockchain technology allows the creation of an authenticated, accountable and distributed chronological tracking system of transactions or events on a unique ledger. It is self-managed, secured, and works with a set of rules and a calculation process. Initially, it was created in 2008 to support digital payments made in Bitcoins, but it is now becoming more and more developed for other uses. Blockchain has numerous advantages which makes it an attractive technology to use in the development of innovative solutions in several industries.

One such industry is the automotive one for which Worldline is developing the Car Maintenance Book based on the Blockchain technology. The idea is to apply the Blockchain technology to a vehicle log book in order to improve the car maintenance services with the use of a mobile application, accessible to all the participants, usable individually and without the constraint of a third party to manage the system. This technology provides a good opportunity to develop close relationships between automotive professionals and consumers. It could also be used to develop car sharing and to customize insurance contracts based on car users’ data and the analysis of their driving style.

Thanks to Blockchain, the Car Maintenance Book presents several advantages for both consumers and the other participants in this value chain. On one hand, consumers are taking control of their personal data with the use of a cryptographic key. Furthermore, the recording of maintenance operations in a Blockchain acts as a kind of insurance for other people who may end up using the same car (car sharing, second-hand purchase). On the other hand, the Car Maintenance Book can help prevent fraud. Indeed, this system provides transparency on vehicles’ information; for example, it ensures counterfeited spare parts prevention. The integration of the Blockchain technology in our solutions should enable new features and more security, bringing a real added-value to our solutions.