sgCarMart, a Singapore-based online car marketplace has collaborated with Ocean Protocol, a decentralized data exchange protocol to launch a blockchain-powered “Know-Your-Vehicle” data marketplace, as per a press release on July 5.
The so-called Know-Your-Vehicle used car data marketplace will secure the process of sharing and accessing information about used cars in Singapore. In 2018, almost 9,000 cars changed ownership each month, according to reports.
Customers will be able to trace the history of a vehicle’s data using this product. Subsequently, the parties are planning to use the collected data will help other industries and the government to improve products and services. Ocean Protocol founder Daryl Arnold stated:
“Ocean Protocol gives companies a platform to share, monetize, and trace data in a secure and privacy-preserving way. It gives data owners control over data access and provides an incentive mechanism to companies to deploy quality data to their stakeholders.
Ocean Protocol participated in the MOBI Grand Challenge tournament in October 2018. They aimed to create “the first viable” blockchain-powered network and vehicles to coordinate and share data and to improve mobility in urban areas.
The challenge’s price was $350,000 in cash awards, which included $100,000 worth of Ocean Protocol tokens.
It is becoming more common for Blockchain technology to be integrated into transport sectors. The Austin government’s transportation department teamed up with the Iota Foundation in May to create a more interoperable transport ecosystem.
The United Kingdom’s Jaguar Land Rover used blockchain network Iota in April to reward drivers who reported data. The plan’s key purpose is to collect better information about road conditions and vehicle performance. Jaguar will distribute Iota’s Iota tokens via Smart Wallets linked to participating drivers.