Tech Mahindra has developed a solution based on blockchain technology, with which automobile dealerships themselves can provide permanent registration number for the vehicles they sell.
“The dealer who is selling the vehicle will give you the [registration] number... [it] is safe, secure and non-forgeable,” a senior executive of the IT company said.
The company had conducted pilot study. Two southern States have evinced interest in the solution.
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“We are showing them the proof of concept,” he told presspersons at the Mission Innovation (MI-18) programme showcasing innovative solutions of the IT company.
At present, those buying a vehicle need to go to RTA for getting the permanent registration number. It takes two-three days time, but with the blockchain technology-driven solution “you don't have to take the vehicle to RTA.” The automobile dealer, RTA, buyer and vehicle financier will all be associated with the process of issuing permanent registration number at the dealership itself, he explained.
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The two States had asked the company to explore the options of expanding the solution to include issue of lifetime tax, insurance and emission certificates. “The solution is ready from a technical perspective. Commercialisation would take some time,” he said.
A two-day programme, MI-18 exhibited innovations across verticals of digital operations from manufacturing technologies such as Invoice Discounting Platform, Cognitive Asset Tracking System, Vehicle Lifecycle Management and healthcare technologies. Other solutions on display included integrated patient support engagement platform for chronic illness; insurance technologies like AI and machine learning based automated underwriting for full medical report.