Dealer Market Exchange's latest innovation presents an opportunity for car dealers, makers, vendors and consumers to conduct business together using the blockchain system.
VINblock pilots the blockchain solutions menu for the automotive community. It is designed to track the lifetime activity of any vehicle by its unique Vehicle Identification Number, thus creating a new business network among its participating users.
"Our VINblock permanent, shared ledger based on Hyperledger Fabric blockchain technology provides a critical value-add for building a foundation of connected mobility for OEMs, dealers, and consumers to conduct business well into the 21st century,” DMX co-founder and CEO Jason Bennick said. “As we innovate next-generation solutions across automotive, we’re striving to create new channels that can operate faster and more efficiently than most everything out there, and in a new, low-cost and fully trusted secure environment.”
Users will access VINblock through their mobile devices on the DMX platform. It will collect private data, on-chain data, off-chain data and services to effectively deliver the information required by applications hosted by DMX and their other partners.
“Blockchain is just one of our key technologies along with automation, AI, analytics, IoT and intelligent API’s that we’re integrating in our mobile, cloud platform and solutions that deliver strategic advantages for all our customers,” Wes Reid, DMX co-founder and head of technology, said.
DMX officials say the Hyperledger Fabric project helped drive blockchain work at an expedited pace.
"We are leveraging key Fabric platform features in VINblock: the new smart contract program model, private data, operations management features, and more,” Director of DMX Foundry Jim Mason said.
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