MAPS: DLT for Hyundai Parts Tracking
Hyundai plans to use blockchain technology to combat counterfeiting. This is a problem for the American market, as huge amounts are lost on fake parts
According to the FTC, manufacturers of counterfeit spare parts sell $12 billion annually. 80% of counterfeits enter the US market from the Asian region.
By 2022, the cost of counterfeit goods may exceed $2.3 trillion. In view of this activity of counterfeit manufacturers, Hyundai Mobis has deployed tracking of auto parts.
MAPS is powered by blockchain and IoT. It will be used to check spare parts in three hundred Hyundai and Kia. This will help keep the spare parts supply chain under control in 200 countries around the world. This is no less than 16,000 car dealerships.
How MAPS will work
The numbers of the cars produced by the company will be recorded on the blockchain. Machine parts data will be available upon request. And if she is brought to the service station, the mechanics will receive the necessary data for the repair.
All work carried out and installed details will be recorded in an electronic journal. Insurance companies, car owners, dealers, repairmen and the manufacturer will be able to access it.
In addition to accounting in MAPS, a QR code will appear on the packaging of spare parts with which you can check the authenticity of spare parts. In total, 3 million parts will be under supervision. The system will also be able to predict delays in the supply of spare parts.