Blockchain on the road – Alfa Romeo Tonale is the first car with NFT technology

Alfa Romeo uses NFTs to record vehicle data via blockchain

NFTNFT – Non fungible token – is a crypto currency which shows a picture of a unique item in a blockchain. More stands for Non-Fungible Token. It is a digital certificate that refers to a mostly virtual, specific object. In addition to their use as digital collectibles, tokens are now increasingly being used in economic processes. These certificates are entered on a worldwide data list, the blockchain. In other words: NFTs are forgery-proof, digital certificate.

Alfa
With the owner’s consent, the NFTNFT – Non fungible token – is a crypto currency which shows a picture of a unique item in a blockchain. More records important vehicle data (e.g. maintenance data). By using blockchain technology, vehicle data can be recorded in a trustworthy manner. The storage is transparent and a retroactive change of the data is impossible. The vehicle creates an NFTNFT – Non fungible token – is a crypto currency which shows a picture of a unique item in a blockchain. More certificate, which provides more credibility e.g. on the used car market. The owner of the vehicle can thus guarantee the accuracy of the information. Dealers and potential buyers have access (?) to all the services performed on the car and can thus better assess its condition.This documentation will have a positive effect on the residual value, among other things. Until now, car manufacturers have mostly relied on third-party providers for such processes....