Breaking Bitcoin News

1 BTC = 1 BTC

Latest Article ↗️

Breaking Bitcoin News

1 BTC = 1 BTC

Latest Article ↗️

Now You Can Tokenize Your Classic Car On the Blockchain

written by

Now You Can Tokenize Your Classic Car On the Blockchain

Support free journalists: > send a tip

The Mobility Open Blockchain Initiative (MOBI) could well be the next big blockchain experience for car owners. But, Proexus, a new startup is taking it to the next step, showcasing where blockchain technology can take the automotive industry.

MOBI aims to speed up the adoption of blockchain in the motor industry and with 30 companies on board including BMW, Ford, Renault and  General Motors it packs a punch. Its website describes the platform as working with :

“…forward thinking companies, governments, and NGOs to make mobility services more efficient, affordable, greener, safer, and less congested by promoting standards and accelerating adoption of blockchain, distributed ledger, and related technologies.”

A growing necessity in the motor industry is the need, as it is in the art world, to be able to demonstrate authenticity and provenance, particularly in cars which attract huge resale value such as classic models. A new company is doing for the automotive industry what Verisart and now Codex Protocol are doing for the art world.

Proxeus can now link classic car owners’ revered vehicles to the blockchain, verifying every aspect of the car, including ownership details, history, condition as a permanent irrefutable link to the wheels and chassis itself.

Artan Veliju, CTO, says the platform has the “ability to easily build the workflows needed to use blockchain productively without needing to launch a software development project.”

This is how it all works; Proxeus puts its stamp on the vehicles’ condition and authentication of documentation and the car then becomes a non-fungible token on the blockchain and remains as a permanent, unalterable, transparent link to the vehicle itself.

Antoine Verdon, co-founder, says: “For the first time we are able to show that our technology is real.”

It’s not entirely new though, as earlier this year, TEND — an Ethereum-powered marketplace for sharing “tokenized” luxury goods partnered with a Swiss Crypto Valley Porsche Dealer to put a car on the blockchain. The 956 Porsche Speedster 356A became the TEND app’s first tokenized car.

The participating car dealership,  Porshe Zentrum Zug explained:

“What the people at TEND wanted was a very personalized and individualized link to us here at the Porsche center…It’s really important that we start with a particular car, a particular Porsche center that stands behind it and takes care of it and knows the history and specifics of the car.”

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement