Alfa Romeo, a Stellantis-backed Italian automotive company, will unveil a new Sports Utility Vehicle, the Tonale, in 2023, and it will use Non-Fungible Tokens (NFTs) and blockchain technology in its data capture operations.
According to CNBC, the Tonale SUV’s acquired NFT data will record and preserve data throughout the vehicle’s life cycle.
Among the data gathered are maintenance records, which will only be acquired when the car is serviced at Alfa Romeo-approved dealers. Each Tonale SUV is certified from the moment it is acquired, and the NFT register of its maintenance data aids in estimating a very excellent residual value.
While the Alfa Romeo Tonale SUV will be the first to use an NFT and blockchain to issue data certificates, other automakers have been experimenting with or using blockchain technology in various ways in the past. For example, Tata Motors, an Indian automaker, has been incorporating blockchain-focused solutions since 2019, while Volvo, a Swedish automaker, previously invested in Circulor, a London-based blockchain business specializing in industrial supply chains.
Aside from actively embracing blockchain technology as a resource tool to improve important elements of their operations, companies like Tesla have decided to exploit blockchain’s tokenization capabilities and once accepted Bitcoin as a payment mechanism for its products in the United States. While Tesla’s Bitcoin payments program has been discontinued, the company still retains significant holdings in BTC as an asset on its balance sheet.
Last week, Italian carmaker Lamborghini unveiled its NFT line, marking a new milestone in the automobile industry.