The European Parliament has issued a report recommending that the blockchain could be a powerful answer for forestalling odometer altering.
In a report, Odometer altering: measures to counteract it [PDF], issued by the Directorate General for Internal Policies, it peruses that odometer altering remains an issue in the European Union, influencing all second-hand auto markets of its Member States. It includes that the examination features the innovative advancements and IT arrangements which could help battle the issue.
One arrangement is the utilization of the blockchain. The report states:
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.’
It includes that the utilization of cryptography would furnish clients with an abnormal state of assurance, uprightness, and control of information, including.
Eventually, this technology would also ease data certification and could be supported by the development of connected cars concept where all relevant vehicle data could be accessed remotely.
The utilization of the dispersed record is one of three measures that are being taken a gander at to avert odometer altering. The second concentrates on the likelihood of recognizing an institutionalized regular system of reference, in light of global measures (ISO). Though, the third identifies with preparing a vehicle’s electronic control units (ECUs) and parts with particular specialized arrangements that are produced and executed independently by singular auto makers.
As per the investigation, 10 to 50 percent of autos in various second-hand advertises inside the EU’s Member States have had their odometers altered. It asserts this is because of an absence of powerful collaboration at supranational level and a lacking trade of data on mileage readings of odometers in vehicles exchanged between the Member States.
The report states:
Cars with rolled-back odometers are estimated to account for between 30% and 40% of total number of vehicles traded across borders. These numbers prove that odometer tampering is a serious concern and a widespread phenomenon across Europe, affecting almost all second-hand car markets in the European Union (EU).
That, as well as buyers are influenced too. It’s evaluated that in the EU misfortunes from the rollback of vehicles’ mileage are assessed at a few billion euros consistently. Therefore, reviews directed by the European Commission demonstrate that the entire second-hand auto advertise area was positioned the most reduced as far as trust by European purchasers.