Saturday, May 30, 2020

Hyundai Develops Blockchain-based Tool to Create Custom Data for Electric Cars

Hyundai Motor Group, one of the largest car markers in the world has developed an Electric vehicle adjustment technology. The technology which is paired to a smartphone can be accessed via an app and it allows drivers to create custom settings for their electric car. However, blockchain technology will be used to encrypt the data in order to prevent unauthorized access, reports a media outlet on April 23.

Hyundai Develops a Smartphone-pairing tool for Electric vehicles

Per the report, Hyundai Motor Group has developed a Smartphone-pairing tool for Electric vehicles and it takes advantage of blockchain technology. The tool can be used to control Electric vehicles and all a user needs to do is create their own custom settings on an app for smartphones.

In line with that, seven parameters pertaining to the car can be customized right from the app. These are acceleration and deceleration abilities, responsiveness, maximum torque output of the motor, maximum speed limit, regenerative braking capacity, and energy use on climate control.

Data to be Stored on a Server to Enhance Accessibility

The data, on the other hand, will be stored on a server which makes it accessible on any other electric car a user wishes to drive. This data can either be used by them or shared with other people through the app. They can also choose to download the custom settings of other driver or settle for the recommended settings of Hyundai.

On the other hand, the stored and shared data will first be encrypted using blockchain network where data blocks are created to hold information. According to reports, the use of blockchain is in a bid to create immutable storage and prevent the data from being changed by authorized persons.

Hyundai Commercial Partners with IBM to Innovate Its Business Models

Prior to this time, Hyundai Commercial, Hyundai’s financial services subsidiary had partnered with IBM in order to innovate its business models with the use of blockchain. Specifically, it is focused on its supply chain where a Hyperledger Fabric blockchain technology will be used.

Asides from Hyundai, a number of companies across the world have adopted the blockchain in the storage of data to bring about transparency, traceability, and integrity. Gazprom, for instance, a state-owned gas company in Russia revealed its plans to use the blockchain to improve its business contracts. The company also hinted that it could use the blockchain to digitize the processes involved in the supply of gas.

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