BMW Blockchain Trial Uses Cryptocurrency Tokens to Improve Mileage Tracking
DOVU, a London, U.K.-based company of a blockchain-based information marketplace for the transportation industry, currently finished a test with BMW to use ERC-20 tokens and blockchain science song car mileage, in accordance to a DOVU article posted on Medium.
BMW Leasing Arm Supports Blockhain Pilot
BMW invited DOVU to take part in its innovation lab, which seeks new and disruptive ideas. The 10-week pilot began Jan.15 at the London BMW headquarters.
Three executives from Alphabet, BMW’s leasing and fleet vehicle arm, served as sponsors for DOVU: Nick Brownrigg, chief govt officer, Simon Carr, chief commercial officer, and Leo Taylor, head of product management.
Leasing and finance contain a massive portion of BMW’s profits. Every car that returns over its mileage allowance or is damaged undermines its resale value.
The DOVU team recognized at the start of the check that using tokens to have an effect on consumer behavior and the ability to reap get entry to to information by using the blockchain have been applicable to many aspects of the company’s business.
DOVU met with BMW stakeholders to decide how its DOV tokens could supply a tremendous influence on vehicle value. The crew identified automobile mileage as having the most impact on the return price of a vehicle. The higher the mileage, the larger the wear on the vehicle.
Existing Method Prone To Errors
BMW presently tracks vehicle mileage throughout fleets the use of gas cards. This approach is inclined to typing errors and lack of management oversight, yielding inconsistent and often vain data.
Connected cars music such data, but the data tracked by connected vehicles is solely used for diagnostic functions if the car is delivered in for service. Accessing this information additionally requires getting the driver’s permission. Hence, such facts by connected automobiles is not simply on hand to the business. The current system, meanwhile, requires “vast amounts” of clerical overhead.
An computerized technique to gather mileage used to be now not on hand to DOVU for the pilot. Hence, DOVU agreed to enable BMW clients to use a guide method to music this information in return for token-based rewards. Each week, users have been prompted to use their telephone cameras to take a photo of their dashboard at a precise time to grant mileage information.
DOVU was once able to discover the readings on the dashboard and convert them to an integer that was saved to the blockchain.
The user tested the correct statistics earlier than submitting it, and within a few seconds BMW had a dependable and traceable log of automobile mileage on a blockchain. Users were rewarded 1 DOV token per submission.
DOVU used gamification techniques to motivate repeat reporting, enabling the user to proceed earning tokens.
Custom Wallet Released
At the cease of the 10-week pilot, DOVU produced a custom pockets for BMW. The wallet, which is accessible for iOS and Android, allows DOVU to measure how tokenization encourages people to elevate out sure tasks.
The first phase of the task ended with a demonstration to senior BMW workforce at the Tate Modern in London.
Numerous departments expressed pastime in using tokenization to enhance their own enterprise areas, DOVU executives said, including that the startup hopes to proceed working with BMW to identify different areas in which blockchain technology can be used to improve its enterprise operations.