With the widespread application of the internet, smart travel is quietly changing people’s lifestyles. However, in recent years, the Internet of Vehicles (IoV) market has faced fierce competition but slow development. As more vehicles connect to the network, various IoV products inevitably encounter challenges related to data trust, security, and sustainability. Therefore, how to effectively manage this massive data and innovate to “activate” IoV enterprises has become a pressing issue.
Blockchain Empowering the IoV’s Initial Experimentation
The IoV is an integrated network that enables intelligent traffic management, dynamic information services, and intelligent vehicle control, representing a typical application of IoT technology in the transportation system.
Since the concept of IoV was born, it has been pursued by capital and industry giants. Whether it is traditional automotive giants like BMW and Mercedes-Benz or internet companies like BAT, they have all begun to lay out their strategies in the IoV sector. According to incomplete statistics, as of today, the total capital operation in the IoV industry has exceeded 3 trillion RMB.
A vast market requires a good incentive mechanism to stimulate consumption, and the emergence of blockchain technology is timely, bringing hope for further development in the IoV industry. However, at the same time, there are still many bottlenecks to break through in the practical application of blockchain technology.
Deng Ke, CEO of PrimeChain Network Technology Co., Ltd. (referred to as PrimeChain), told People’s Venture that “Although there are more than 100 different underlying blockchain technologies in the market, most business applications based on the real economy still find it very difficult to operate on blockchain infrastructure.”
Therefore, in the current context where blockchain concepts are flourishing, various industries are seeking opportunities for practical applications of blockchain technology. Gao Rui, Product Director of the Blockchain Research Institute of the Ministry of Industry and Information Technology, previously mentioned that the application scenarios of blockchain in the IoV could include users, employees, data contributors, creative contributors, etc., into the IoV application system. New technology products empowered by blockchain are also trying to explore their path to rebirth.
Ge Jiandong, CEO of Jiatuxin Technology Co., Ltd., told People’s Venture that if blockchain technology is integrated into the smart vehicle chain, it could allow data producers to benefit from the value of big data, and this “chain-enabled economy” will become a new business model in the IoV industry.
People’s Venture learned that to break through the exploration of technology application, PrimeChain has innovatively launched six major blockchain technology applications, including micro-loan regulatory chains, supply chain finance chains, and data asset trading chains, and applied them in projects like the “Jiatuxi Box” IoV, to assist in the transformation of the real economy.
Blockchain Reshaping the Value Chain and Ecological Chain of the IoV
“In the past, although most IoV products had many functions such as fault detection, trip analysis, and fuel consumption records, very few people would actively spend money to purchase such products. After all, for most private car owners, the probability of vehicle failure is low, and other query demands are considered weak,” said Ge Jiandong.
People’s Venture learned that traditional IoV products, once installed in vehicles, allow owners to remotely locate their vehicles through a mobile app, obtaining comprehensive data services such as vehicle condition detection, violation reminders, and maintenance insurance reminders, and then earning reward points. These points can be exchanged for gifts such as fuel cards, car covers, and car wash cards distributed by the platform. However, relying on gift rewards is unlikely to create a larger market scale, making it difficult for products to “please” users. Therefore, Jiatuxi, which has always focused on developing OBD technology as its strategic core, decided to involve blockchain in its upgraded honey version box, hoping to innovate a more effective incentive mechanism to explore a new IoV world.
“We hope to see a model that can help users truly realize data assetization through points and digital tokens. This approach not only rewards end users but also makes exponential growth of the smart vehicle chain user base possible,” Ge Jiandong told People’s Venture. The “Blockchain+” initiative has received a positive response from both new and old users.
The IOV Non-Profit Foundation in Singapore has been committed to building the world’s largest automotive big data sharing platform, the Smart Car Chain (SCC). This platform made its debut at the 2018 China International Big Data Industry Expo. Kevin Koh, Chairman of the IOV Foundation, told People’s Venture that on the Smart Car Chain platform, OBD boxes can have strong business connections with insurance companies and other institutions. For example, by obtaining the real-time status of a parked vehicle, the IoV can push insurance information at the precise moment, taking advantage of the natural habit of car owners to check their phones after parking. By accurately synchronizing data from people, cars, and information from a data perspective, the best sales timing can be grasped, seamlessly connecting insurance needs with services, ultimately achieving an extremely high commercial conversion rate.
As a result, IoV product companies enable users to enjoy IoV services while also earning revenue and reducing travel costs.
Challenges Remain for Practical Applications
Blockchain provides a new development idea for the IoV, but there are still many issues that need to be further solved in the future.
Digital assets are a significant discovery in the history of blockchain development. Although Bitcoin is referred to as the “ancestor” of digital tokens, it still has its instability in technology. In the current environment of “digital currency proliferation and mixed quality,” avoiding becoming “chives” is a challenge that tests both vision and intellect.
In the integration of the IoV and blockchain, enterprises can provide users with an innovative digital incentive through application scenarios that distribute incentives based on blockchain empowering the real economy. In the process of market operation, its value will grow with the development of the enterprise. However, to fully activate this efficient incentive mechanism, there are still many topics that need to be tackled. For example, data mainly comes from the automotive aftermarket, when data can be linked on-chain at the factory, and issues of hardware and software mismatches.
From the perspective of policies and regulations, some blockchain projects still engage in token issuance and fundraising, which is difficult to sustain within the current legal framework in China. Although overseas development is possible, if one wants to enter the Chinese market, how to correctly utilize the incentive mechanisms of blockchain technology and use them reasonably remains a problem that blockchain entrepreneurs must solve.
The End
Sincerely inviting friends from all walks of life at home and abroad to enthusiastically join us — May 2019, China Digital Valley, Guiyang, inviting you to participate in the grand event and look towards the future!
Data Creates Value, Innovation Drives the Future
China·Guiyang
Source丨People’s Venture
Reporter丨Ma Zhiqiang
Editor丨Ruirui
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Public account ID
BigData-expo
