for an Evolution of Claims Transparency, Efficiency, and Reliability in Internet of Vehicle (IOV)
BiiLabs Co., Ltd. and TransIOT today announced their joint venture project to boost the blockchain/ distributed ledger technology (DLT) usage-based insurance (UBI), also known as the pay-as-you-drive (PAYD) insurance or pay-how-you-drive. The venture leverages TransIOT’s expertise in vehicle telematics and BiiLabs’ DLT to create a win-win product that can be deployed in the private or commercial sector.
It is expected that by the end of 2019, up to 79 million cars will be sold for private or commercial use. An expertise in IoT telematics, TransIOT’s solution utilizes the vehicle’s onboard diagnostics (OBD-II) to acquire various vehicle data. The volume of data from vehicles can serve as the foundation to various other automotive-related applications. Ensuring the authenticity and security of the data is where BiiLabs distributed ledger technology (DLT) comes in. It encodes the acquired data and stores them on Tangle, a…