HashCoins and Emercoin have just announced the launch of their new blockchain for vehicle title certification.
This system allows to record the information on each automobile in a country using the Emercoin blockchain, that can store up to 20 Kb of any data. This new car register aims to solve the issue of car theft and fraud.
According to the official press release:
“Not just an automobile's VIN number, but its engine number and body number as well, are entered into the database, the aggregate of such information will make car theft for further sale senseless, and the black market sale of parts quite difficult.”
Moreover, it allows potential customers willing to buy a used car can check its history and all the information using the online service. For example, how many incidents it has been involved in, or how long it has been being driven.
This system also works offline, meaning all information on any automobile is available even without an Internet connection. However, the database needs to be synchronized from time to time to keep data up-to-date. This solution can be useful for both public entities and car manufacturers as well.
To date this project is slated to be implemented in one of the Baltic countries.