Blockchain.

What is Blockchain?

Blockchain is a distributed database ledger which enables many data entry points in a private, secure, and transparent fashion.

The most famous and original use of blockchain technology is the crypto-currency Bitcoin. Bitcoin has made blockchain famous, however the technology can be used for much more than the transfer of currency; contracts, records and other kinds of data can be shared.

Which makes blockchain technology perfect for automotive records.

The blockchain keeps a record of all transactions on a peer-to-peer network enabling many parties to write to the blockchain. Using NSA level encryption all information transferred via the blockchain is virtually uncrackable. The Blockchain records every occurrence (or change) and cannot be altered, the only way to correct a mistake is to write it again.

Blockchain enables the sharing of encrypted information across many users without a risk of privacy breach. This is especially important for government and financial records which are a vital part of your vehicles history.

The automotive blockchain will allow for data collection in a cleaner more open fashion, and all records are saved for the life of the vehicle without the need for costly third parties. Blockchain and its capabilities bring us closer to the ideal auto industry.