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Now You Can Tokenize Your Classic Car On the Blockchain

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Now You Can Tokenize Your Classic Car On the Blockchain

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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.”

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