PARAMETA, Shinhan EZ General Insurance, and PMGROW Establish a Practical Basis for Using EV Battery Remaining-Life Certificates Through Strategic Partnership
[Photo caption: At the signing ceremony for building and growing an EV battery remaining-life certification ecosystem — from left, PARAMETA CEO JH Kim, Shinhan EZ General Insurance CEO Byungkwan Kang, and PMGROW CEO Jaehong Park]
October 5, 2023, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced that it has signed a memorandum of understanding with Shinhan EZ General Insurance (CEO Byungkwan Kang) and PMGROW (CEO Jaehong Park) to build and grow an ecosystem for EV battery remaining-life certification.
The agreement relates to the battery remaining-life certification service that PARAMETA and PMGROW are preparing as part of the 2023 Blockchain Private Sector Focus Program. It brings the parties together to build and grow an EV battery remaining-life certification ecosystem with assured reliability and distribution stability, by having Shinhan EZ General Insurance use the blockchain-based certificates issued through that service across the various services and products it develops.
In this partnership, PARAMETA and PMGROW are responsible for the technology and functionality needed to make use of the EV battery remaining-life certificates. The blockchain-based service the two companies are developing fits an on-board diagnostics (OBD) device to an electric vehicle, analyzes the data collected, assesses the battery's remaining life and condition, and issues a certificate. PARAMETA's blockchain technology provides reliability and transparency across the battery data, while PMGROW's artificial intelligence (AI) algorithms raise the quality of battery assessment and diagnosis.
Information gathered through the on-board diagnostics device is distributed via a Personal Data Storage (PDS), in a form that lets users sell their data under their own control and lets institutions or companies that need it make a purchase. On that basis, the parties plan to build an ecosystem for distributing EV battery and vehicle data with assured reliability and stability.
Shinhan EZ General Insurance is responsible for developing services and products that use the EV battery remaining-life certificates, establishing a practical basis for their use. Users will in turn gain benefits across EV-related aspects of daily life, through insurance services and more built on certificates they can trust.
"This partnership is significant because it lets us create practical use cases for EV battery remaining-life certificates, rather than simply determining a battery's condition through a certificate," said PARAMETA CEO JH Kim. "We will work to build an EV battery remaining-life certification ecosystem in which every participant gains value — extending beyond premium-linked services into the many fields connected to electric vehicles."
"With reliability raised by a battery remaining-life certification service combined with insurance, certification standards for EV battery distribution will now take shape," said Shinhan EZ General Insurance CEO Byungkwan Kang. "We will establish a data-based risk measurement model and contribute to wider adoption of eco-friendly electric vehicles by providing a range of battery-related insurance services."
"Working with PARAMETA and Shinhan EZ General Insurance will establish the market viability of battery diagnosis and assessment technology and services built on AI algorithms," added PMGROW CEO Jaehong Park. "We will cooperate across a range of EV-related service areas going forward — insurance, used car transactions, maintenance — and contribute to realizing a circular battery economy."
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About PARAMETA (formerly ICONLOOP)
PARAMETA is a technology company that has consistently developed blockchain and Web3 technology under the slogan "Web3 Enabler," leading innovation by applying it across industry. Backed by a full technology stack applicable across Web3 and by a record of success with numerous public and enterprise blockchains, PARAMETA has established itself as a strong partner supporting the technology and consulting needed for Web3 adoption and transformation. PARAMETA supports fast, straightforward Web3 transformation through PARAMETA Service (PARAMETA W (Wallet), N (NFT), S (STO), T (Token Management)), which lets businesses select and apply the core Web3 elements of wallet, NFT, STO, and token management without building their own infrastructure.
About Shinhan EZ General Insurance
Shinhan EZ General Insurance is the general insurance subsidiary of Shinhan Financial Group, working to innovate its processes using digital technology and to offer leading products for the digital era ahead. By connecting financial and non-financial data to build distinctive capabilities, it aims to set the standard for risk management in the general insurance industry of the future through faster, more innovative products and services — and to evolve further into a platform that connects the world's risks to insurance quickly and in new ways. As a digital general insurer that proactively manages risk in customers' everyday lives, it will offer easier, more comfortable, and more novel financial services, presenting a new business model for the insurance market.
About PMGROW
PMGROW is a venture company aspiring to be an EV service platform company, built on 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-lifecycle battery data to identify and deliver a range of business models, working to build a better future through sustainable development.
*Business areas: △ EV upstream — EV battery manufacturing and operational data collection; △ EV downstream — battery residual value inspection equipment, manufacturing and operation of reused battery products; △ service platform — a range of EV-related value-added and data services through a BaaS (Battery as a Service) platform
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