Blockify – Blockchain-based vehicle registration solution
Motor vehicle agencies need to collaborate with external organizations like the Departments of Justice and Insurance to register vehicles. Maintaining the most updated information is essential to enable these organizations to register and track vehicles accurately.
Current systems that facilitate this process are prone to errors due to duplication of records or incomplete information.
Blockify addresses these challenges by offering a blockchain-based vehicle registration & tracking system.
Blockchain-based vehicle registration
Blockify stores vehicle details in a de-centralized and distributed database which is set up across various departments that access vehicle details. Any update on vehicle details by one department will be reflected in other departments simultaneously.
This ensures availability of consistent data across various departments and also solves the obsolete data problem.
With Blockify, stakeholders like manufacturers, dealerships, customers, and motor vehicle agencies can easily collaborate to access and update vehicle details based on their security access. The solution also ensures that the most accurate and complete information is maintained and shared in a secure and cost-effective manner.
Key features and benefits
Improved data integrity and real-time visibility: De-centralized database and blockchain technology will help the agencies maintain all the data (vehicle registration, citations, insurance details) in a consistent manner and enable quick access to assess vehicle ownership
Improved collaboration and information sharing: With Blockify, agencies will be able to share data in real-time instead of batch-mode and keep customer and vehicle records updated and current, at all times
Reduced fraud: The information is kept current, updated, and can be accessed and assessed by any stakeholder quickly and cost-effectively, thus minimizing chances of fraud
Reduced cost of operations: Cost of blockchain implementation and use can be lower than maintaining different systems for storing and managing vehicle related details
3 I’s to adopt blockchain
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