Automotive

Fight fraud and add value

Fight counterfeiting, theft, and fraud with LifeHash blockchain solutions and provide accurate provenance of vehicles and parts to consumers and the industry.

Innovation in the automotive industry has always been in pole. We are targeting areas that may have been left behind in our mission to provide consumers with the data they need to make informed decisions based on the truth.

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Car crash and guy calling insurance company

Devalue Counterfeit, Damaged, or Repaired Parts

The Organisation for Economic Co-operation and Development (OECD) estimates that the financial impact of counterfeit auto parts exceeds $1 billion in the US alone. The pandemic has magnified this problem as lockdowns and working from home have resulted in a surge of counterfeit parts purchased online.

Counterfeiters don’t make parts to the manufacturer’s specifications, carry out quality control tests, or abide by safety standards, ultimately leading to devastating failures of critical components. And, the same problem exists with repaired or damaged parts sold by unauthorized dealers.

LifeHash uniquely uses blockchain to not only identify parts but to give them a history. Each major component is linked to its vehicle of the origin or its manufacture details in the case of spare parts. Everyone will have access to accurate provenance information at their fingertips, just how we like it.

Deter Grand Theft Auto

According to the National Insurance Crime Bureau (NICB), there were 873,080 auto thefts in the US during 2020 alone, equating to 1 theft every 36 seconds! A significant amount of these stolen vehicles will end up at a chop shop, with the proceeds going to organized crime. Dismantling cars and selling the component parts or replacing Vehicle Identification Numbers is a lucrative business that has a knock-on effect on insurance premiums, vehicle safety, and consumer satisfaction.

LifeHash takes Vehicle Identification Numbers to the next level by attributing unique digital identities to the vehicle and components, making chopping up vehicles a futile enterprise.

Defeat Fraud

Auto Service by Equifax conducted a study of Australian used car buyers and found 13% had uncovered a shady history behind their pride and joy. The following fraudulent activities are commonplace in the second-hand car market;
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- Undisclosed accidents requiring extensive repairs
- Previously written off vehicles repaired and sold
- Logbooks detailing fictitious service and maintenance records
- Re-birthed or non-existent vehicle identities
- False Vehicle Identification Numbers (VINs)

LifeHash provides the truth behind second-hand vehicles, with parts, service records, and repairs immutably stored on a blockchain.

Accelerate Vehicle and Component Recalls

In a recent report by Allianz into the impact of product recalls, the automotive industry was found to account for 70% of all reported losses, with an estimated average cost of a major recall being close to US$15 million. Regulatory sanctions lost revenue, and damaged consumer confidence are all negative impacts of vehicle and component recalls. Yet as vehicle technology develops and engineering becomes increasingly complex, the risk of a recall inevitably rises. In addition, multiple manufacturers relying on common components magnifies this risk even further, with the knock-on effect spreading across the industry.

Vehicle and Part Identity powered by LifeHash mobile blockchain solutions will allow manufacturers to trace parts and vehicles quickly and efficiently with the option of sending push notifications to consumers' mobile phones or to the vehicle's user interface.

Learn how Lifehash can help you

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