Singapore-based online car marketplace sgCarMart and decentralized data exchange protocol Ocean Protocol are launching a blockchain-powered “Know-Your-Vehicle” data marketplace. The development was announced in a press release on July 5.
The so called Know-Your-Vehicle used car data marketplace will purportedly provide a secure way of sharing and accessing of information about used cars in Singapore, where almost 9,000 cars reportedly changed ownership per month in 2018.
The product is set to provide customers with the capability of tracking data origin on a vehicle and then trace its history. Subsequently, the parties are looking to use this data in helping other industries and the government to improve products and services.
Blockchain technology has seen widespread integration into the transport sector to address various needs. In May, the government transportation department in the city of Austin, Texas partnered with nonprofit Iota Foundation to develop a more interoperable transportation ecosystem. One of the visions of a system was where every transit system can interact with the same payment app and a single digital identity.