Lamborghini Uses Blockchain For Heritage Car Validation

Lamborghini Uses Blockchain For Heritage Car Validation
November 21, 2019


The cryptocurrency market remains weak with Bitcoin (BTC) barely holding above $8,000 levels.  Bitcoin has lost 0.6% in the past 24 hours to close at $8,105. Ether (ETH) has lost 0.7% to close at $174.94. Likely, XRP has lost 1.3% to close at $0.2522. Other major altcoins, which have lost ground in the past 24 hours include TRON (TRX-$0.0165, -3.1%), Monero (XMR-$58.26, -1.2%), Huobi (HT-$3.35, -2.7%), IOTA (IOTA-$0.2407, -2.3%,), Litecoin (LTC-$54.94, -1.6%),  Ethereum Classic (ETC-$4.37, -0.8%), Dash (DASH-$64.24, -1.5%), LEO (LEO- $0.9515, -0.3%), Stellar (XLM-$0.0637, -3.3%), Cardano (ADA-$0.0409, -3.2%), Cosmos (ATOM-$3.33, -6.8%),  EOS (EOS-$3.10, -1.1%), Binance Coin (BNB-$17.98, -3.6%), OKB (OKB-$2.53, -2.1%) and ChainLink (LINK-$2.67, -2.5%).  The major that have appreciated in the past 24 hours are Tezos (XTZ-$1.20, 1.0%) and Bitcoin Cash ($244.54, 0.5%).


Government level initiatives

FEMA looking into a blockchain-powered property registry

The US Federal Emergency Management Agency (FEMA) is studying the feasibility of employing a blockchain-powered property registry to simplify insurance payouts related to calamity. The agency disclosed its interest via the National Advisory Draft Report. FEMA believes that deploying a blockchain-based platform will decrease the disaster response time.

To implement the platform described above, FEMA is suggesting the creation of a blockchain-powered property and land registry platform that contains all crucial data required to apply for an insurance or calamity help claim.

FEMA pointed out that such a registry platform would result in winding up of insurance policy such as a “disaster dividend” or a “harm’s way” rights but also minimize the pace of self-insurance for a public framework. As per FEMA, self-insurance usually implies lack of insurance, which forces the government to absorb the costs related to unfunded calamities. FEMA also highlighted the capability of blockchain and other innovations in enhancing flexibility and restoration attempts in a disaster, as crucial information can be held in a far off location in a “highly-trusted, secure platform.”


Private sector initiatives

HasCash Consultants to monitor mined minerals in Congo with blockchain

HashCash Consultants, a blockchain company, has entered into a collaboration with a team of global car, battery, and mining companies to build a blockchain-powered supply chain network to monitor minerals mined in the Democratic Republic of Congo (DRC).

The team intends to create a blockchain-powered supply chain platform to monitor the ethical purchase of minerals, such as tungsten, lithium, and cobalt, utilized in automobile and battery production. Through this platform, the enterprises intend to end the use of child labor in mining operations.

The intended network is expected to create more transparency in the entire mineral supply chain. Two years ago, the UN assessed that 168 million children are being exploited across the world, including 40,000 children working in the DRC’s cobalt mines.

With the roll-out of a blockchain-powered supply chain network, HashCash and collaborating enterprises will ensure ethical sourcing and delivery of minerals from mines to factories, while complying with corresponding rules.


Lamborghini chooses Salesforce to validate heritage cars

The Italian manufacturer of luxury sports car Lamborghini has opted for Salesforce blockchain to validate heritage cars carrying Lamborghini label. Salesforce, the largest CRM (customer relationship management) software provider, has announced that tracing, certifying, and authenticating heritage cars can be done quickly and safely utilizing the blockchain platform.

The blockchain platform for storing details of Lamborghini cars was unveiled in May 2019. The platform was built using enterprise-level blockchain Hyperledger, customized by Salesforce. With the platform in place, multiple project partakers will be able to carry out certification checks when the ownership of a Lamborghini changes hands.

Usually, when the ownership of a Lamborghini changes owners, the vehicle undergoes 800 to 1000 checks related to certification at the Lamborghini headquarters in Italian Sant’Agata Bolognese. In order to record complete history and validate all the parts, Lamborghini has to set aside considerable resources in the form of auction houses, photographers, repair shops, dealerships, and media sources. In particular, enterprises assert that each Lamborghini vehicle will include an unalterable service record, including significant information such as earlier ownership and refurbishment. The latest system is also structured to safeguard Lamborghini cars against likely duplicates as all validation checks are administered by Lamborghini and its associate network.


Deutsche Boerse and Swisscom complete transactions using blockchain

Deutsche Boerse, German securities marketplace, and Swisscom, Swiss state-run telecom, have finished transactions related to securities utilizing various blockchain covenants. Multiple banks took part in the proof-of-concept (PoC) in which partakers exchanged tokenized shares against fiat money in the form of tokens.

The joint PoC initiative, based on blockchain technology, aims to reveal the capability of new technologies in the financial services industry and retain the expertise of Switzerland and Germany in the cryptocurrency ecosystem. Switzerland’s fourth-largest bank Zuercher Kantonalbank, Falcon Private Bank, and Investment bank Vontobel took part in the PoC initiative. These banks acted as counterparties and traded cash against securities, both in the form of tokens.

The PoC initiative also saw indirect participation from the Central Bank of Switzerland (Swiss National Bank) as the cash tokens were held as collateral by the bank in the account of Eurex Clearing. Deutsche Boerse offered Swiss francs in the form of cash tokens.

To handle cash and security tokens, the participants in the initiative were using unique distributed ledger technology (DLT) covenants, R3 backed Corda, and IBM backed Hyperledger Fabric, to finish cross-chain settlement safely.

Other partakers in the PoC initiative include Daura, a Swiss blockchain company, and Custodigit, a joint custodial endeavor by Sygnum and Swisscom.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.


Andrew Wright

Prior to founding in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.

Related Articles

Amazon Web Services unveils Managed Blockchain Service

  The cryptocurrency market continues to stay in a bearish mode. However, Bitcoin (BTC) has made a small gain of

FarmVille Game Creator To Build Blockchain Gaming Platform

  The outbreak of coronavirus continues to cause havoc in both traditional and crypto markets. Bitcoin (BTC) has rebounded above

52% of Illegal BTC Transacted via Binance and Huobi in 2019

  The cryptocurrency market continues to remain slightly bullish with Bitcoin (BTC) trying to gather momentum and break above the