The FSSC WG has completed Dealer Floorplan Audit user journeys and user stories in addition to putting the workflow into a sequence diagram. The user interface designs for the pilot are nearly finalized and being prepared for formal approval from the WG. The schemas are also nearly finalized and being actively worked on by the team. We are currently working to onboard dealers for the pilot, having partnered with their vehicle tracking services provider.
The Dealer Floorplan Audit pilot is on track for completion in mid-2022 and WG members are actively discussing next steps.
Click HERE to register for our 27 April panel, “Dealer Floorplan Audit and the Future of Vehicle Finance,” featuring expert insights and a live Q&A session!
Motivation Behind the Pilot
Dealer floorplan auditing is a critical activity for captive vehicle lenders. Currently, this is a highly personnel-intensive process and requires individuals to physically go to the dealership and manually check each vehicle’s identification number (VIN), ensuring that all the vehicles are accounted for. Typically, lenders will leverage the services of a third party to carry out these audits.
Fundamentally, these auditors are providing a trust service. However, emerging technologies such as connected vehicles, embedded GPS, blockchain, and more combine to present a more seamless and efficient decentralized solution; one which preserves data privacy and enables trusted data sharing, thereby lowering the trust cost and the overall cost of vehicle ownership.
Modern vehicles have an array of sensors capable of producing large volumes of data about the vehicle’s condition, location, and more. These connected vehicles are able to easily share this data as necessary. Data privacy concerns prevent vehicle manufacturers, lenders, and dealers from sharing vehicle location data with each other. MOBI and its members are working together on the Citopia vinTRAK pilot to define a blockchain-based automated process to securely verify vehicle location using decentralized identities and zero-knowledge proofs, thereby solving the trust and privacy problems of the floorplan audit process without manual verification.
What the Pilot Demonstrates
Citopia vinTRAK leverages the recently published MOBI Trusted Trip (MTT) Standard. MTT links a vehicle’s decentralized identity with its timestamped location, along with pertinent trip metadata, to create a verifiable trip. This enables connected vehicles on a dealer’s lot to create secure records of their geolocation and ensures that these attributes are digitally signed in the form of verifiable credentials, which any third party can easily verify.
Additionally, MTT leverages zero-knowledge proofs, which allow lenders to exchange verifiable claims of the presence or absence of vehicles on a dealer lot without revealing the geolocations themselves. Therefore the entire dealer floorplan audit process can be automated while preserving data privacy.
Blockchain, decentralized identities, and verifiable credentials ensure that data produced by a connected vehicle can be verifiably linked with its source. mobiNET and Citopia form the necessary digital infrastructure for this pilot — mobiNET provides trusted identity services while the Citopia decentralized platform enables the issuance of MTT verifiable credentials. This pilot is expected to be completed by mid 2022. Learn more about mobiNET and Citopia — MOBI’s digital infrastructure for connected vehicle and IoT commerce — here.
Read about our other pilots: