Samsung-backed blockchain technology company Blocko has announced a blockchain partnership with Hyundai AutoEver, a subsidiary of Hyundai Motor Group. They have signed a Memorandum of Understanding (MoU) on April 24 to build a Blockchain-as-a-Service (BaaS) platform to track the history of used cars put up for sale.

Hyundai Motor Group is South Korea’s largest car manufacturer with a revenue of over $224 billion last year. The collaboration between Blocko and Hyundai AutoEver is also targeted to develop and promote business across the car industry.  

The jointly developed platform will be integrated into current business setups. It will be able to trace vehicle information over the cloud, including data on former owners, a car’s age, and mileage records. Smart contracts and other blockchain features will also be incorporated to make the product easy to use for industry customers.

Furthermore, blockchain technology will be implemented in other parts of Hyundai’s business such as in automotive logistics, parts construction, and in the running of an in-house token economy for those in its internal operations.

Hyundai also intends to extend the use of the platform to other related areas that it sees as possessing significant future potential. These include vehicle lifecycle management, usage-based insurance, and Mobility-as-a-Service (MaaS).

Lim Jae-Woo, Hyundai AutoEver’s Team Manager said: “I believe that blockchain technology will introduce the next IT revolution into the automotive industry,”

Meanwhile, Won-Beom Kim, CEO of Blocko, provided further information about the project.

“We will work together with Lambda256, another blockchain developer, to build and expand Hyundai AutoEver’s blockchain lifecycle system through proven technologies and specific use-cases. We have laid a strong foundation to build a use-case specific blockchain that tracks cars throughout an entire automobile’s lifecycle: from its purchase, operation, management, and sale.”

Established in 2000, Hyundai AutoEver is an automobile sales Internet company that provides auto-related information technology and operation services.

In February, TheCryptoSight reported that Hyundai Commercial, another Hyundai subsidiary which provides leasing and financial services for commercial vehicles and construction equipment, is working with IBM to apply blockchain and modernize its business model.