AMO Labs to Revolutionize the Automotive Industry
Greetings AMO Big fam!
Today we are back with the latest news of AMO Labs projects gaining international exposure and attention!
Europe’s number one startup network recent article announced “10 Blockchain Startups Disrupting the Automotive Industry” and AMO Labs made the list!
The survey amongst 250 new automotive-related blockchain startups was conducted and AMO was the only Korean startup blockchain company to top the list.
StartUs states, “A blockchain platform continues to connect cars, people, and service providers through an integrated database. With just a click, users are able to monetize their weekend drives or trips.”
The following is a summary of the StartUs article!
StartUs listed 5 key takeaways on blockchain that impacts the automotive industry.
1. Vehicle Recall Optimization
We all understand that recalling sold vehicles are both detrimental in terms of cost and image. The application of blockchain helps scale down this complication process as every vehicle part will be additionally tied to a unique VIN number. This makes recalling more straight-forward where only vehicles with faulty installed components get called in。
What is ‘VIN number’? It stands for ‘Vehicle Identification Number’ and is used to distinguish cars! In other way, an equivalent of a social security number for cars :)
2. Loyalty-Based Tokens Unlike present loyalty programs, in future, all information regarding loyalty transactions can be stored on a shared ledger which allows to create and distribute highly personalized marketing materials to any given customer.
3. Ownership Transfer Goodbye to inefficient and lengthy paperwork process, Blockchain technology provides maximum transparency, speed, and security in transferring vehicle ownerships
4. Vehicle Insurance Insurance company and leverage on blockchain technology to automate the process of submitting an insurance claim while also storing real-time mileage information, driver behavior data, and more.
5. Identification & Tracking The fundamentals behind the technology does not allow manipulation of data. Hence, decreasing counterfeit car components through RFID tags on original vehicle parts — making it easy and reliable to verify the authenticity of a given component.
What is ‘RFID Tag’? A technology that identifies an ID using frequency. The same principles apply to taking attendence by tagging employees’ ID card!
The automotive industry has long been considered the engine of the world’s technological progress. Yet, this sector is facing a number of challenges such as promoting, selling, insuring, and even recalling vehicles or other components. Blockchain technology is already proving itself to be the answer to the majority of these issues by providing car companies and their partners with a reliable and transparent tool to collect, store, manage and use the car data in a more efficient manner.
Industry leaders including BMW, Ford, Renault, and General Motors have formed a global blockchain consortium known as MOBI (Mobility Open Blockchain Initiative) to speed up the blockchain adoption in the automotive market and are keeping their eyes on its various possibilities.
Furthermore, companies are expecting the automotive blockchain market to grow up to worth 1.6 billion dollars in the near future. Thus, have begun to embrace blockchain to digitalize their automobiles.
A global research and consulting agency Deloitte Analysis made a positive prospect that the market scale of Smart City, including Smart Road, will grow from USD 781.9 billion from 2016 to USD 1.446 trillion in value by the year 2020, with a consistent rise of 16.6% each. -Excerpt from 전자신문 article from January 25th, 2019This article highlights the big attention towards blockchain and the importance of its technology.
AMO is a blockchain infrastructure for the efficient exchange and sharing of all car data powering the next generation of automobiles.
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