ITM showcases the world's first EV dNFT to achieve trust from edge of vehicle history reports

TAIPEI, Jan. 6, 2023 /PRNewswire/ -- Award-winning Taiwanese blockchain solutions provider International Trust Machines Corporation (ITM) showcased its dNFT (dynamic non-fungible token) technology which ensures data integrity of electric vehicles at the 2022 MIH (Mobility In Harmony Open EV Platform  initiated by Foxconn) Demo Day, the annual technical advancements event that aims to drive the future of the EV industry.

ITM's breakthrough would allow users to tie large amounts of dynamic data generated by an electric vehicle to a dNFT, which has the ability to adapt in real time in response to external data. It would make data such as the vehicle's maintenance and trade history tamper-proof, and ensure that the vehicle owner controls and owns trustworthy and legitimate information.

"Currently, car manufacturers use traditional static NFT technology which binds data to a central database outside the blockchain. It is difficult to confirm the integrity of the data, or they need to rely on a trusted third party to do so," said Julian Chen, CEO and co-founder of ITM.

ITM's technology could upload a large amount of data onto the blockchain at a low cost, making data secure on the Web3 architecture. "Electric vehicles generate a large amount of digital data, and the data is exactly what makes EVs valuable," Chen explained.

Data as an asset

With an ongoing commitment to transform the transportation industry, ITM joined the MIH Consortium as a Contributor Member in 2022, and actively participated in its Security & OTA working group as well as the Web3 vehicle development  interest group to develop security frameworks for the EV industry.

The Foxconn-initiated MIH Consortium aims to create an open EV ecosystem that develops key technologies and design standards of electric vehicles, which will lower the barrier for parties to enter the industry.

MIH currently has more than  2,500 members from 65 countries and regions, and holds an annual technical exhibition MIH Demo Day that invites EV start-ups from around the world to explore new business opportunities. The 2022 MIH Demo Day was held on November 8 in Taipei in 2022; and MIH will showcase their solutions at CES 2023.

Jack Cheng, CEO of MIH Consortium, said that in order to ensure electric vehicles operate normally in a digitalized environment, information security is the key. "MIH will create a brand new environment for the automobile industry. In terms of vehicle data and traceable vehicle history, we will focus on three main areas: supply chain cybersecurity management, the cybersecurity solutions of vehicles, and the protection of user data to return the data ownership to its owners. And the decentralized blockchain technology will play an indispensable role in the process." The goal of MIH is to combine emerging technologies such as decentralization identifier (DID), Web3 and NFT, so that the control of the data can be returned to car owners.

With technology designed by companies such as ITM, in the future, after an electric vehicle leaves the factory, its driving behavior, maintenance and transaction history, as well as other data generated by the vehicle will be recorded on the blockchain with the consent of the owner.

The data could be downloaded and verified through the dNFT bound to the EV. With this credible information at hand, dNFT holders can then approach insurance, finance, energy, and ESG providers with credible information, which will maximize the asset value of EVs.

About ITM

Founded in January 2019 in Taiwan, International Trust Machines Corporation (ITM) leverages blockchain as the engine for data integrity in the post-digital era during a crisis in trust.  ITM solutions can reduce collaboration costs due to lack of consensus, improve the efficiency of information sharing to accelerate digital transformation of enterprises and governments.

Since its establishment, ITM has been working with local and international organizations to further promote innovative blockchain solutions. Its clients and strategic partners include Qualcomm, Microsoft, MediaTek, Acer, Wistron, Innodisk, MiTac and others.