The Future of Automotive Data
Accurate vehicle information in a shared permanent ledger
History is Rewriting Itself
Vehicles are fast becoming rolling devices – complex, technology-driven mobility solutions, and no longer a preferred driving experience.
Early generation drivers value performance, brand and dealer experience. New generation drivers value a connected lifestyle and digital convenience. This means reshaping a 100+ year industry framework of buyers, sellers, vehicles and their experiences across manufacturers, resellers and consumers.
As unsold inventory rises in America, SUVs, cross-overs, and truck sales are skyrocketing, yet sedans are declining while autonomous vehicles begin to rapidly grow in volume on our roads. The US auto industry is currently experiencing a paradigm shift not seen since the 1950’s.
Trillions in vehicle asset value drive on today’s roads, while billions more pour into tomorrow’s. Now more than ever, resellers and consumers need accuracy, transparency, and speed in the vehicle sale process. Automation, intelligence, and new technology are defining that, quickly displacing the car salesman model of years past.
The New Guard
Vehicle condition, value, and safety should be the underlying factors in transacting any vehicle – wholesale or retail. While thousands of variables are factored into determining those answers, buyers should see it quickly and with confidence.
Today, anyone should be able to open an app, scan a VIN, and view complete and accurate condition and pricing of any vehicle for sale – with confidence. Then, place an order for that vehicle online for delivery, or scan directly on any lot, transact and drive away in minutes. All with 100% confidence. Wholesale or retail. That will soon be tomorrow’s industry experience.
How it Works
VINblock™ is designed and engineered to crack this dilemma, bridging an automotive legacy as redefined into the 21st century.
Operating in a proprietary ecosystem of Hyperblocks™ being introduced by DMX, VINblock aims to solve the used vehicle sales challenge across a growing market of users with consistency, accuracy, and mobility.
VINblock functions as an interoperable vehicle commercial blockchain to create trust, transparency, and immutability across car makers, dealerships and consumers. Users access a shared, secure ledger of organic VIN information to gather a more accurate view on any ledgered vehicle.
While VINblock is accessed using DMX mobile or web services, it’s robust API framework continually imports gigabytes of daily industry VIN info, while ledgering an ongoing increase of millions of VIN transactions of participating market users.
VINblock on Hyperledger Fabric
December 12, 2018 in Basel, Switzerland, DMX showcased its VINblock POC in Hyperledger Fabric at the first annual Hyperledger Global Forum.
As members of the largest open source business blockchain development community in the world, DMX is actively participating with a role in leading automotive in business blockchain development strategic efforts.
With Fabric Version 1.4 now live, and 2.0 targeted after April 2019, DMX is developing VINblock using the most current Hyperledger Fabric framework, including Fabric Smart Contracts.
Development of VINblock as the first business blockchain solution is underway with a scheduled 2019 announcement and release, followed by up over a dozen use-case chains across dealership, industry vendor and consumer business transactions.
Adoption & Globalization
We firmly believe commercial adoption of enterprise business solutions of blockchain and micro service applications for dealers through car makers will become baseline in less than 3 years.
We also believe those right now at the forefront leading that change will emerge as the rightful heirs, displacing current industry giants as the New Guard.
Our global OEM partners, and other giants such as Google, Apple, Uber, Lyft, IBM, Deutsch Telecom, Accenture, Bank of America, JP Morgan and importantly Amazon to name a few, have long since made the leap, investing billions into redefining the transportation industry and its business model.
Now, our own efforts are realizing progress. On an aggressive, steady pace since 2017, over 50% of the world’s leading car makers are now directly engaged with DMX.
While the DMX enterprise platform of dealer services continues penetration and growth, its underpinning business blockchain solutions are forging ahead to emerge as the industry’s first commercial, interoperable shared ledger solution.
Pedigree & Team
DMX is comprised of a rockstar team from the top down and proudly holds memberships with MOBI, Hyperledger, The Linux Foundation, Government Blockchain Association and the Global Business Blockchain Council.
CEO and Co-Founder Jason Bennick is an MIT Sloan School of Management Blockchain Technologies Graduate, MIT xPRO Entrepreneurship Bootcamp Grad, and Hyperledger Certified, with a BBA from AIU, business studies from INSEAD and over 25 years of proven leadership experience across business, technology and startups.
Co-Founder and Head of Product & Technology Wes Reid is a nationally renowned enterprise solutions architect authoring the market-making platforms and technology modeling behind American Express, New York Stock Exchange, Spotify, Ford loyalty mobility, and Mercedes Benz Financial Services mobility, to name a few.
Within team leadership, DMX Foundry Director, Jim Mason, heads the blockchain business solutions innovation lab with a solid pedigree from IBM and Fidelity, while also holding a critical role within the Hyperledger Project under the Linux Foundation, overseeing Hyperledger Composer regrowth and development.