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IOST X ROAD | Working Together to Boost Adoption of The Internet of Vehicles

IOST | 02.14| 103

Alongside the development of smart cities and smart transport, in recent years, the Internet of Vehicles (IoV) has also been in the spotlight. Blockchain technology can help IoV to evolve with its unique data authenticity confirmation feature and by helping all parties who participate in data generation coordinate their interests.

By the rapid expansion of 5G connectivity, IoV industry, which requires high levels of communication and connection features, will also be able to accelerate its development and a large number of new use cases and business models will flourish in the industry. As an efficient, trustworthy, and technology-driven blockchain project, IOST is paying close attention to the application of blockchain technology in the field of Internet of Vehicles.

Recently, IOST and ROAD have reached a strategic partnership. Both parties will explore common areas in multiple application scenarios such as on-chain vehicles, human-vehicle interaction, vehicle to vehicle communication and vehicle-road connectivity, to jointly promote the market and development of IoV systems in the 5G network environment.

ROAD to assist IOST boost IoV applications

IOST is a blockchain platform developed for online services providers. Based on its original PoB consensus mechanism and the layer2 expansion scheme, IOST can realize horizontal expansion and high throughput, providing value creation for third-party developers, content creators and enterprises.

IOST is more decentralized than the DPoS based EOS and more scalable than Ethereum. After the mainnet launch, IOST has become one of the world’s big 4 leading DApp platforms alongside Ethereum, EOS and Tron.

ROAD will join the IOST ecosystem and open vehicle data to IOST, it will also assist IOST in building a decentralized IoV node and open APIs to the IOST network. In the future, both parties will have a large amount of data exchange and the yet traditional payment services that are enabled on ROAD will be open to evolve with the smart contracts on IOST.

At present, IOST intends to create a world-class blockchain technology infrastructure; through this cooperation with ROAD, IOST can explore and open the automotive industry to blockchain application scenarios and serve the global automotive industry and users.

Blockchain technology to drive the IoV business revolution

At present, there are 330 million owned cars in China and more than 1.2 billion units worldwide: maintenance services, second-hand market, financial services and other segments form a huge market, some reports even show that it might reach a $800 billion annual market cap; and there are yet nearly infinite amounts of data to be collected. What is unique of this market is that the collection, authentication and exchange environment of automobile data is still the weakest field in the industry.

Every kind of data produced in the life cycle of a car, from the manufacturing stage to sales, maintenance, daily use, and re-circulation has an important application value. However, these data are not being effectively protected and have not been squeezed to the fullest, also, the actual data contributors rarely obtain benefits from it and the highly decentralized nature of data also makes them difficult to be collected, authenticated, and to maintain. As a result, a large number of black box transactions occur in the automotive data market.

ROAD aims to create an interactive and accounting system based on blockchain technology that accompanies vehicles during its life cycle, the auto-ledger. The auto-ledger uses individual interactions and cluster intelligence to build a ROAD vehicle network and intelligent transportation ecosystem to realise business applications, it will achieve data authenticity and privacy protection with blockchain. In this ecosystem, ROAD tokens will be used to coordinate the resource exchange between the vehicle nodes and the blockchains.

IOST and ROAD will jointly explore common ground in multiple application scenarios such as on-chain vehicles, human -vehicle interaction, vehicle to vehicle communication and vehicle -road connectivity; promote the market and development of IoV systems under the 5G network environment and use blockchain technology for car purchasing, car utilization and driving, roads & city management along with other scenarios.

This partnership is another example of the real world application of IOST blockchain technology. IOST along with developers and communities is committed to build the world’s first decentralized blockchain project based on scalability and the world’s largest decentralized system. In the future, IOST and ROAD will also have more cooperation in terms of technology development, applications and communities.

About ROAD team

Official website: https://roadpro.io

Most of the ROAD team members are former Alibaba or have previously worked in car related Internet platforms or companies, providing them experience in the field and in business development.

Founder Li YanLin

Li has worked in Alibaba China for 6 years as manager of the exhibition development department, he was responsible of the exhibition network, professional market channels, government relations and innovation. Li is also former executive secretary of the IEIA (International Exhibition Industry Alliance). He founded the online incubator Liberty 90, cloud e-commerce eco-city, cloud e-commerce school, and the IoT based “Molege” brand shared massage chairs.

Chief Architect Wang HuicQiang

He owns a Ph.D. from the University of Stuttgart and a master’s degree from Tongji University. He received many scholarships and grants from Chinese government, which also allowed him to participate in various China government’s projects. He also worked for Vector Informatik Co., Ltd. in Shanghai and Hisense.

COO Wang Guan Jie

Wang has worked in Alibaba China for 6 years, there he was responsible for the formation and operation of the Chinese community team. As co-founder of DianDian automotive services chain, an IoV based company, Wang has rich product, operation, and market experience.

CMO, Eric. Chuang

Former marketing manager of Alibaba in Southern China and both vice president, channel general manager of Chemayi, has rich automotive industry resources and app promotion experience.

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IOST X ROAD | Working Together to Boost Adoption of The Internet of Vehicles was originally published in IOST on Medium, where people are continuing the conversation by highlighting and responding to this story.

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