smartVIN (the VIN suffix refers to the auto industry’s vehicle identification number) is just one highly developed example that makes use of the blockchain at Daimler Financial Services.
According to research, in Germany alone more than 33 percent of the odometers in second-hand cars have been tampered with. This leads to trust issues in the used car market and could potentially harm our brand and image. What if a vehicle's information and its entire history could be stored in a secure virtual vault that couldn't be accessed or changed?
That is exactly what we’re working on in with smartVIN. We intend to store on the blockchain the financial and transactional information of a vehicle’s lifecycle from the moment it leaves the factory assembly line. Delivery data, registration data, maintenance data and odometer readings will be stored and accessible to car owners and future car buyers.