The European Union Sees the Potential of Blockchain in the Fight Against the Odometer Fraud
November 21, 2017
The European Parliament, that calls the blockchain as one of the technologies which can help in the fight against the clocking of the car’s odometers, has recently published a report of the important researches.
The report, issued by the Directorate General for Internal Policies, informs that blockchain technology offers worthwhile chance for effective prevention of fraud through increased transparency and data privacy.
It is said in the report:
“The blockchain technology, offered by the car engineering and representatives of the electronics industry, would rather allow you not only to download mileage and GPS data from vehicles but also to store it on a 'digital ledger.”
Furthermore, the research also suggests that blockchain can work in the union with a 'connected cars' concept, which stores all relevant vehicle data in the cloud. This concept is considered as one of the future scenarios for the development of the automobile industry.
The odometer fraud, or 'clocking' is an essential problem, which is being investigated not only by startups in the blockchain space, but also by major enterprises. It is vital to note that with the storage of information about the car on a blockchain, the mileage data can not be forged, as it will be visible and verifiable for all network members. Moreover, any unjustified changes can in a trice be determined.