Blockchain Capable Of Curbing Odometer Fraud – EU

EU suggested that Blockchain Can Possibly Curb Odometer Fraud

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In a research paper released by the European Parliament about that exploration of blockchain and other technologies, there are evidences that blockchain has potential in curbing odometer tampering.

The paper, issued by the Directorate General for Internal Policies, researched into the likely role of blockchain technology in the use case, and concluded that blockchain could likely “present interesting potentials” to effectively curb odometer fraud through increased transparency and data privacy.

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The report explains:

“The blockchain technology currently proposed by the car engineering and electronics industry would allow downloading mileage and GPS data from vehicles, and securing it on a ‘digital logbook’.”

The research further suggested that blockchain can be supported by a “connected cars” concept that allows cloud access to all relevant vehicle data in a future scenario involving autonomous vehicles.

Blockchain technology is one of the three approaches investigated to address odometer fraud in the research paper, including a standardized framework based on international standards (ISO) and equipping a vehicle with hardware security modules (HSMs) to protect data.

The issue of curbing odometer fraud, or “clocking,” is one being investigated by other startups in the blockchain space, as well as major enterprises.

Last June, CoinDesk reported on a project by startup BigchainDB and German energy company Innogy that targets creating digital identities for vehicles on a blockchain.

To tackle clocking, the CarPass project creates a record of the odometer and vehicle activity with the data visible and verifiable on a digital platform.

According to Innogy’s Carsten Stocker “If someone starts tampering with the mileage, you basically see it as a step change in the data that someone tampered with [it].”

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