PARAMETA begins building a Battery Remaining-Life Certification Service on PARAMETA W
PARAMETA is starting work on a Battery Remaining-Life Certification Service built on PARAMETA W (Wallet as a Service), its trusted custody-based key management service.
The project is part of the Battery Remaining-Life Certification Service initiative — the sole intensive project within the <2023 Blockchain Private Sector Intensive and Diffusion Program> run by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) to grow the blockchain industry. PARAMETA, the lead operator, has formed a consortium with participating company PMGROW and the two will work on the project jointly through the end of this year.
PARAMETA is responsible for building the Battery Remaining-Life Certification Service end to end — a service that transparently manages the life cycle of EV batteries — on the back of PARAMETA W, its flagship service for easy, powerful Web3 wallets. A battery's remaining life can be determined from data collected through an on-board diagnostics (OBD) device attached to the vehicle. The heart of the service is storing that data on a blockchain to issue trustworthy battery assessment reports, then securing distribution reliability when those reports are used for auto insurance, used-car transactions, and the like.
To that end, PARAMETA will apply the core technologies behind PARAMETA W — DID (Decentralized Identifier), BFS (Blockchain File System, decentralized storage made available to smart contracts on a blockchain), and PDS (Personal Data Storage) — to build a battery data distribution ecosystem where battery histories and personal information that must stay private are stored safely, with ownership guaranteed to the data subject, and used transparently.
I am confident this service, which provides transparent and objective assessment data on remaining battery life, will contribute to a circular battery economy. Going forward, we will expand it with PMGROW through cooperation optimized for each part of the battery industry.
PARAMETA CEO JH Kim
As EV adoption accelerates and the market grows quickly, consumer interest in EV battery performance has risen to the point that driving range is cited as the single most important consideration when buying an electric vehicle. At the same time, the EV insurance and used-car markets increasingly need objective, reliable data on mileage and remaining battery life.
The PARAMETA consortium plans to gather driving data and battery condition data from a range of electric vehicles through an EV battery subscription service, then apply blockchain technology and SoH (State of Health) analysis algorithms to that data to deliver the battery remaining-life certification service. By storing battery assessment reports transparently on a blockchain, the service secures data reliability and distribution stability, and it is expected to benefit consumers by lowering the cost of appraising a battery's residual value and enabling trustworthy, reasonable used-car pricing.
PMGROW, a battery specialist covering most of the battery value chain, will take on EV driving data collection and analysis and the commercialization of the service, drawing on the battery data it has accumulated since it began commercializing electric bus battery packs in 2017 and on its know-how in areas such as battery subscription.
Our goal with this blockchain-based battery remaining-life certification service is to give users EV driving and battery management information they can trust, and at the same time supply reliable information to the market, contributing to a thriving new EV industry ecosystem across insurance, used cars, and beyond.
PMGROW CEO Jaehong Park
About PARAMETA (formerly ICONLOOP)
PARAMETA is a technology company that has led innovation under the slogan "Web3 Enabler," continuously developing blockchain and Web3 technology and applying it across industries. With full-stack technology that spans all of Web3 and a track record of successful public and enterprise blockchain projects, PARAMETA has established itself as a strong partner for the technology and consulting behind Web3 adoption and transformation.
PARAMETA offers PARAMETA Service (PARAMETA W, N, S, T), which lets businesses pick and apply the core elements of Web3 — Wallet, NFT, STO, and Token Management — without building their own infrastructure, supporting fast and straightforward Web3 transformation.
About PMGROW
PMGROW is a venture company aiming to become an EV service platform business on the strength of more than a decade of experience and technology in manufacturing and operating EV battery packs. Since its founding in 2010, it has drawn on continuously accumulated battery management technology and its own full-life-cycle battery data to identify and deliver a variety of business models, working toward a better future through sustainable growth.
*Business areas: △upstream EV business — EV battery manufacturing and operational data collection; △downstream EV business — battery residual value inspection equipment, reused battery product manufacturing and operation; △service platform business — a range of EV-related value-added services and data services delivered through a BaaS (Battery as a Service) platform
[Reference] Read the full PARAMETA press release ▼
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Web3 Enabler, PARAMETA