Automotive manufacturer Hyundai Motor Group’s internet and communications technology division Hyundai AutoEver announced a partnership with blockchain distributed ledger platform provider Blocko Inc. on Wednesday to design a system to track used cars.

Together, the two companies will build the infrastructure and service with the intention of tracking information involved in the resale of used cars and support sales within the automotive industry. “I believe that blockchain technology will introduce the next information technology revolution into the automotive industry,” said Lim Jae-Woo, Hyundai AutoEver’s team manager.

Blocko’s platform uses Aergo Enterprise an enterprise-ready infrastructure for both public and permissioned blockchains. As a platform, a blockchain operates by providing a trustworthy ledger that is distributed among multiple nodes, using consensus between nodes as new transactions are added and secured in the ledger in a way that makes it extremely difficult to tamper with. As a result, blockchain technology is extremely useful for creating historical logs transactions and data.

AutoEver intends to use this blockchain platform to store vital information about used cars on the automotive market. The system will store historical information about used cars in the cloud, including the previous owner’s data, the car’s age and mileage, repair history and other sensitive information relevant to the value of the car.

As part of this pilot, Hyundai also intends to explore other uses for the blockchain technology within the automotive business lifecycle. Platform use cases will be developed for automotive logistics, part construction and an in-house token economy for users throughout their internal operations.

Other operations expected to be test with blockchain technology include vehicle lifecycle management — an extension of tracking used car history — usage-based insurance and Mobility-as-a-Service, an app-based rental, taxi and mass transit system for individual travel.

“We will work together with Lambda256, another blockchain developer, to build and expand Hyundai AutoEver’s blockchain lifecycle system through proven technologies and specific use-cases,” said Won-Beom Kim, chief executive of Blocko.

By providing a blockchain platform to Hyundai, Blocko hopes to show how the technology can transform any industry through the trustworthy tracking of transaction data. The automotive industry, even used cars, includes a lot of need for historical knowledge of where a car came from, what it has been through and how that affects its value now. Additionally, keeping this information secure and accessible is important to both customers and automotive service centers.

“We have laid a strong foundation to build a use-case specific blockchain that tracks cars throughout an entire automobile’s lifecycle: from its purchase, operation, management, and sale,” Kim said.

With this partnership with Hyundai AutoEver, Blocko’s technology can be integrated into numerous automotive-adjacent industries. AutoEver produces information technology services for mobility services, smart and connected cars, smart cities and factories “internet of things” solutions, finance and automotive steel.

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