Tezo’s blockchain is revolutionizing the multi-billion dollar car industry by empowering car owners with new technology
- The Tezos-backed PPC platform gives vehicle owners absolute control over their data while ensuring full compliance with GDPR regulations.
- PPC facilitates the reliable and secure exchange of data through the integration of a decentralized autonomous organization (DAO) that governs data access and use.
Tezos blockchain network is making new advancements in the crypto industry and according to the latest developments, Tezos has recently made moves in the automotive sector. In the latest announcement, the Passport for Connected Car (PCC) solution was just launched, which is the result of a joint collaboration between the Tezos Foundation, IRT SystemX, Eniblock as well as a consortium of leading automotive players.
Passport for Connected Car (PCC) is a project that is part of the Tezos Foundation grant program. It is a revolutionary solution that gives vehicle owners absolute control over their data while ensuring full compliance with GDPR regulations.
Leveraging the power of blockchain technology, Passport for Connected Car (PCC) offers a secure and transparent platform to manage data while ensuring the privacy of vehicle owners. Furthermore, using blockchain technology, the PPC platform facilitates efficient and fair distribution of value. This opens up new opportunities for predictive maintenance and pay-as-your-drive insurance.
The Passport for Connected Car (PCC) solution from the Tezos Foundation could completely transform the way vehicles operate and are tracked in the $2.8 trillion automotive industry. Likewise, it will revolutionize the way the global auto insurance market works, which is likely to grow to the size of $1.06 trillion by 2027.
Passport for Connected Car (PCC) and DAO
Eniblock explains that the decentralized autonomous organization (DAO) will be central to the PPC project, as it will allow the automotive sector to contribute significantly to the wider digital ecosystem. The official announcement from Eniblock reads:
Moreover, PCC enables the automotive industry to become a significant contributor to the digital ecosystem by providing a reliable and secure data exchange platform. This is made possible through the integration of a decentralized autonomous organization (#DAO) that controls data access and use.
The DAO ensures that all stakeholders, including manufacturers, insurance companies and service providers, adhere to agreed rules and regulations, promoting trust and transparency in the ecosystem.
The PPC project can have several applications in the automotive industry. For example, the data will be visible in an application and the digital file will change ownership when the vehicle is resold.
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If the collection of data is dependent on vehicle manufacturers or maintenance networks, the insurance companies in this case become the consumers. Like insurance companies, other market players can also extract data, for a fee. Thus, the idea of a multi-stakeholder and decentralized platform is sufficient.
Thus, the PPC platform built using Tezo’s blockchain provides a secure and transparent way to store and share important information about the vehicle, while eliminating the risk of fraud and improving transparency.
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