Blockchain Has Potential in Curbing Odometer Fraud: EU Report

The report, issued by the Directorate General for Internal Policies, researches the conceivable part of blockchain innovation in the utilization case, presuming that it may "display fascinating possibilities" for powerful counteractive action of misrepresentation through expanded straightforwardness and information security.

The report clarifies:

"The blockchain innovation right now proposed by the auto building and hardware industry would permit downloading mileage and GPS information from vehicles, and securing it on a 'computerized logbook'."

The examination additionally proposes that blockchain can be bolstered by an "associated autos" idea that permits cloud access to all significant vehicle information in a future situation including self-sufficient vehicles.

Blockchain innovation is one among the three methodologies distinguished to address odometer misrepresentation in the paper, including an institutionalized system in light of worldwide principles (ISO) and outfitting a vehicle with equipment security modules (HSMs) to ensure information.

The issue of odometer extortion, or "timing," is one being examined by different new businesses in the blockchain space, and also real undertakings.

In June, CoinDesk wrote about a task by startup BigchainDB and German vitality organization Innogy that means to make computerized personalities for vehicles on a blockchain.

To handle timing, the CarPass venture makes a record of the odometer and vehicle movement with the information noticeable and certain on a computerized stage.

"On the off chance that somebody begins altering the mileage, you fundamentally consider it to be a stage change in the information that somebody messed with [it]," said Innogy's Carsten Stocker at the time.