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Press Release

PARAMETA Begins Deployment of 'Battery Life Certification Service' Based on 'Parameta W'


PARAMETA Begins Deployment of 'Battery Life Certification Service' Based on 'Parameta W'

Seoul, May 4, 2023 – ‘Web3 Enabler’ PARAMETA Corp. (formerly ICONLOOP, CEO JH Kim) has announced that it will begin building the ‘Battery Life Certification Service’ based on its trusted custody-based key management service, ‘Parameta W (Wallet as a Service)’.

As part of the 'Battery Life Certification Service' project, which is the only focused project among the <2023 Blockchain Private Sector Focus and Expansion Project> promoted by the Ministry of Science and ICT and the Korea Internet and Security Agency (KISA) to revitalize the blockchain industry, PARAMETA, as the lead operator, will form a consortium with participating company PMGROW Corp. and jointly launch the project by the end of this year.

In this project, PARAMETA will be responsible for the overall construction of the 'Battery Residual Life Certification Service' that transparently manages the life cycle of electric vehicle batteries based on its flagship service 'Parameta W', which provides an easy and powerful Web3 wallet. The data collected by attaching OBD (On-Board Diagnostics) to electric vehicles can be used to check the remaining life of the battery, and the core of this service is to secure distribution stability by storing the data on the blockchain to issue reliable battery evaluations and utilize them for car insurance or used car transactions.

In response, PARAMETA plans to apply DID (Decentralized Identifier), BFS (Blockchain File System), PDS (Personal Data Storage), which are the main technologies of 'Parameta W', to the service, and create a battery data distribution ecosystem where relevant information and personal information such as battery history that needs to be kept private can be safely stored and transparently utilized in a form that ensures the ownership of the data subject.

"We are confident that this service, which provides transparent and objective evaluation data on battery residual life, will contribute to the realization of the battery circular economy," said JH Kim, CEO of PARAMETA, adding, "We will expand the service through optimization cooperation for each battery industry with PMGROW."

The accelerating adoption of electric vehicles is driving rapid growth in the market, with range being the most important consideration when purchasing an electric vehicle, and consumers are increasingly interested in the performance of electric vehicle batteries, creating a need for objective and reliable data on range and battery life in the electric vehicle insurance and used car markets.

The PARAMETA Consortium plans to provide a battery residual life certification service that applies blockchain technology and SoH (State of Health) analysis algorithms to the collected data after securing driving data and battery status data of various electric vehicles through the EV battery subscription service. By transparently storing battery evaluations on the blockchain, the service will ensure data reliability and distribution stability, and is expected to contribute to improving consumer utility by reducing the cost of evaluating battery residual value and calculating reliable and reasonable used car sales prices.

As a battery company that covers most of the battery value chain, PMGROW plans to strive to collect and analyze electric vehicle operation data and commercialize services required for this project based on know-how such as battery data and battery subscription business that it has accumulated through related businesses since the start of commercialization of electric bus battery packs in 2017.

"The goal of this project is to provide users with reliable electric vehicle driving and battery management information through a blockchain-based battery residual life certification service, and to contribute to the revitalization of the ecosystem of new electric vehicle industries such as insurance and used vehicles by supplying reliable information to the market," said Park Jae-hong, CEO of PMGROW.