Taiwan's Cathay Financial Holdings (CFH) has disclosed its technology center is developing an electric vehicle (EV) IoT blockchain financing platform through cooperation with EV charging service provider ChargeSmith and blockchain startup BSOS.
The platform is based on Hyperledger Fabric, a modular blockchain framework for enterprises to develop blockchain-based solutions or application products, CFH said.
Hyperledger Fabric is a permission blockchain infrastructure that allows designated nodes to participate in operation and maintenance of a blockchain and enables efficient execution of consensus algorithms to enhance applicability and reliability of enterprise-use blockchains, CFH noted.
Hyperledger Fabric will be used to obtain EV owners' permission to collect data on their driving behavior including time intervals of driving, speeds, running distance and braking, CFH said. Such data will be encrypted and immediately transferred to the platform for CFH's property insurance and banking business units to provide real-time personalized financial services, CFH indicated.
The platform is in PoC (proof of concept) process and expected to come into operation at the end of 2020.
Besides CFH, CTBC Financial Holding has been in R&D of blockchain since 2016 and become a member of an international ecosystem led by US-based enterprise blockchain company R3. CTBC's subsidiaries, including Taiwan Life Insurance, CTBC Bank and CTBC Securities, have applied in-house-developed blockchain technology to business operation.
