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Automobile Company Hyundai AutoEver Signs Memorandum of Understanding With Lambda 256 And BLOKO

Hyundai AutoEver is an automobile company who has signed a formal agreement called Memorandum of Understanding (MoU) with Lambda 256 and BLOKO.

All three companies are planning for the creation of a platform called blockchain-a-service (BaaS) platform. The industry characteristics in a cloud environment will be considered for the platform creation. Implementing the blockchain into a business in a simple and fast way is also their plan. A wide range of blockchain solutions for the business is meant to be supported in the form of a complete service. Customers can use the service conveniently. Opportunities will be explored to implement the blockchain into a wide variety of businesses [automobile, logistics, parts, and construction]. All three companies aren’t only planning for the platform creation and the blockchain implementation, but also planning for the development of an internal token economy ecosystem and for the expansion of blockchain applications into different kinds of mobility services.

The head of technology team at the automobile company Hyundai AutoEver Lim Jae-woo said, “I think this joint development project is a good opportunity to bring a big change to the automotive industry. Hyundai Autover’s cloud development and operation, We hope that if the experience of the top companies and experts in each field is added to the experience, we will have a successful result.”

The creation of a platform is a plan of the Hyundai AutoEver management consortium. The history of purchases and sales related to used cars will be recorded on the blockchain through the platform, HMG Journal reported.

The automobile company Hyundai AutoEver was established in 2000 and known as an Autoever Systems Co., Ltd. It is located in South Korea. The purpose of the company is to provide auto-related information technology services. License management services, big data analysis platform, biometric authentication, Internet over thing platform, and security control solutions are also provided through the company, according to Bloomberg.
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