South Korea’s Penta Security has announced that it is using distributed ledger technology (DLT) for the collection, storage, and sharing of data related to electric vehicles (EV). The firm says it’s collaborating with AutoCrypt to develop a platform that will promote the safety, efficiency, and environmental friendliness of electric vehicles.
Penta Making EVs Better with Blockchain
While electric vehicles may hold the promise of a cleaner and greener environment, since they do not emit carbon monoxide and other greenhouse gases like regular vehicles that run on petrol, battery degradation, however, remains one of the major concerns for EVs.
Earlier in February 2021, reports emerged that Chinese authorities had summoned Elon Musk’s Tesla, the world’s leading EV maker for quality issues, which include battery fires and other problems.
Now, per sources close to the latest development, Penta Security, a South Korean company that focuses on providing web, internet of things (IoT), and data security products, solutions, and services, is looking to adopt distributed ledger technology (DLT) for the collection, storage and sharing of EV batteries.
Improving EV Battery Efficiency
As highlighted above, batteries are a major component of EVs, as they determine the miles the vehicle can cover per time and they also account for the largest proportion of manufacturing costs of electric vehicles.
Penta Security has revealed that it has joined forces with AutoCrypt, a firm that claims to be focused on redefining mobility by providing comprehensive end-to-end security for transportation technologies, to develop a blockchain platform for accurate data collection of EV batteries.
Specifically, the team says the blockchain platform will be responsible for detecting abnormal behavior during the charging and discharging of EV batteries and promptly notify EV owners to enable them to take the necessary actions on time.
The firm claims the blockchain solution will have the capacity to analyze between 100 to 150 data points per battery and data will be collected on over 1,000 EVs each year.
Commenting on the project, Sangkyu Shim, CTO of Penta Security said:
“Battery data is a key resource for the development of the electric vehicle market, such as predicting electric vehicle risks, recycling batteries and saving repair costs. We will protect drivers and contribute to the development of the battery industry.”
Just like in various industries across the global economy, blockchain technology is increasingly being explored in the automotive ecosystem.
BTCManager reported earlier in January 2021 that the Mobility Open Blockchain Initiative (MOBI), in collaboration with leading automobile manufacturers, has launched a blockchain-based vehicle identity (VID) system.