Malaysia Automotive Institute (MAI) has signed a Memorandum of Understanding (MOU) with Cryptovalley Malaysia (CVM). The terms of their agreement will lead to the application of Blockchain technology in the automotive sector. Four objectives have been outlined in the agreement, and each is to benefit the entrepreneur, consumer, and the community at large.
Proper Circulation of Original Spare Parts
The first objective is to ensure the proper circulation of original spare parts. This will be made possible with the use of digital IDs that will be stored on the blockchain. The community will be able to access this data and as such, they will be able to ascertain their Genuity. Also, customers will determine the value of these spare parts in order to set standard prices.
The next objective of the MOU is to create an electronic hailing platform that passengers can use to locate drivers. This platform will be based on Blockchain and its aim is to bring about security and transparency. It will also help in resolving disputes since its unchangeable stored data will serve as an evidence.
Feedback and Ratings to Enhance Customer Experience
Another issue that will be handled is the creation of a platform for customers to leave their feedback and rate services. This is an ecosystem that will enhance the customer’s experience. In addition, it will enable them to choose quality services based on their rating.
Finally, Blockchain technology will be applied in the creation of a unique and digital profile for all commercial vehicles. This will make it easy to trace each vehicle whose data has been stored on the Blockchain.
Dato’ Madani Sahari, MAI CEO revealed that the company will collaborate with CVM to also develop a “Cryptography Experts Development Programme”. This is a programme that will aid in the utilization and application of Blockchain technology in the automotive, IoT and Robotics sectors.
More Industries are Now Adopting Blockchain Technology
The automotive Industry is one out of several industries that are adopting the Distributed Ledger technology for their processes. A report on November 26, revealed that the Spanish telecommunications company, Telefonica, is also employing Blockchain to trace international phone calls.
Also, the sale of residential properties in Hong Kong can now be signed with an application that is based on Blockchain. This is a mobile application that will allow information to be transferred in an encrypted form. It will also make real estate sales swifter and more convenient.