The automotive industry is a complex ecosystem made up of various parties in production, delivery, purchasing, marketing, investment, and servicing of transports. The recent increase in the use of IoT technology in automobiles has seen a large number of devices connected to peer networks of interfaces interacting and communicating with each other. Their data history must be stored in a robust, shared, and secure database, requiring a high degree of permission for access. Blockchain technology can help solve these problems, providing an ecosystem where all necessary parties can access verified data securely.
By leveraging blockchain technology, we can ensure that car parts are genuine. The creation of unique timestamped IDs for every component provides an additional layer of authenticity protection, that can be shared securely and instantly between car owners, manufacturers, and service centers.
A blockchain automotive supply chain can enable a smooth ordering/selling process, simplification of workflow documentation, and can make payments between parties fast and easy. IoT sensors and devices can be linked together to collect and share information, for example, on the condition of containers or if goods have been damaged.
Blockchain can help modify insurance processes in the automotive industry by creating personalized contracts, including car performance and automated payments and claim settlements.
Blockchain-powered solutions can make auto leasing and finance easier. By connecting all parties involved in a secure environment, transparent operations can be guaranteed, including KYC checks, the storage of contracts, and automated payments.
Ontology’s blockchain solution is utilized by a leading German automotive company, for payments and settlements, vehicle identification, and data sharing.
Ontology also supports identity authentication and data collaboration between users, vehicles, and third parties. Data can only be accessed, used, and stored upon the owner's consent. Through the Ontology Trust Framework and Self-Sovereign Data Storage, a series of cryptographic algorithms are deployed to protect user identity and data privacy security. Each data sharing operation requires authorization and selective sharing can be achieved through authorization protocols and cryptographic algorithms. Traceability, authorization, and authentication of personal data is made possible through blockchain. In some cases, we integrate TEE technology to support data analysis and processing without privacy disclosure.
Our solution covers three major scenarios of data transformation and sharing. It is built using blockchain technology and a Decentralized Identifier (DID) framework that can quickly identify and connect people, vehicles, and application systems. This helps users fully protect their anonymity and data security, giving them full control over their identity and data. Based on the requirements, the core technology points involved are as follows:
Ontology supports an integrated distributed ledger system, including a core distributed ledger, a smart contract system, cross-chain solutions, sharding, and a security system.
Ontology Trust Framework
Ontology’s core logic layer establishes distributed trust. It connects people and assets with an identification protocol based on the Decentralized Identifier (DID) framework, which is self-sovereign and easy to use, with the highest standards of data protection features.
Ontology provides customers with user-controlled storage that only private key holders can access. Specific data structures are customized for individual customers to facilitate privacy-protected data sharing.
APIs & SDKs
We provide APIs and SDKs to facilitate rapid integration with UX systems and all kinds of dApps.
The Agent Server is deployed and used as a bridge between the application and blockchain network. The application can use restful APIs to interact with the blockchain and wallets smoothly without having to create an account for each vehicle.
|-||5,000+ transactions per second|
|-||Fastest consensus mechanism confirms a transaction in less than 1 second|
|-||State-of-the-art technology: DDXF ensures efficiency|
|-||Multiple languages supported including, Python, Java, JS, Golang, and C++|
|-||Easily invokable “Add-on” protocol|
|-||MainNet running smoothly since launch|
|-||Supporting 300+ dApps|
|-||Distinguished DID protocol – ONT ID used by 280,000+ individuals|
|-||Fastest WASM virtual machines: Ontology WASM-JIT|
|-||Cross-chain functionality ready to use|
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