Participation in InterBattery Europe 2023 in Munich, Germany

PARAMETA-PMGROW, Unveils ‘EV Battery Residual Life Certification Service’

[PARAMETA-PMGROW Booth at InterBattery Europe 2023 in Munich, Germany]

 

June 15, 2023 – ‘Web3 Enabler’ PARAMETA Corp. (formerly ICONLOOP, CEO JH Kim), together with PMGROW Corp., a battery company, announced the unveiling of the 'Electric Vehicle (EV) Battery Residual Life Certification Service’ at InterBattery Europe 2023 in Munich, Germany.

The 'EV Battery Residual Life Certification Service' is a service that issues a certificate by analyzing the data collected after installing an OBD (On-Board Diagnostics) device on an electric vehicle to evaluate the remaining life and condition of the battery, and the certificate is completed to be used for car insurance or used car trading. In the development of this service, PARAMETA's blockchain technology was used to provide reliability and transparency across battery-related data, and PGMGROW's artificial intelligence (AI) algorithm technology was used to improve the completeness of battery evaluation and diagnosis.

In particular, PARAMETA applied its ‘Parameta N (NFT as a Service)’ to the service, issuing and managing battery-specific metadata as NFTs to transparently track battery history and ownership to increase the reliability of the distribution process. In addition, through DID (Decentralized Identifier) and PDS (Personal Data Storage), the main technologies of ‘Parameta W (Wallet as a Service)’, each user and use case is given a decentralized identity and user self-sovereignty over personal battery data is strengthened.

To enhance public trust, PARAMETA and PMGROW plan to launch the domestic service in early September after completing the establishment of a cooperation system with a leading global certification company. As the first EV battery evaluation and certification service in Korea, the service is expected to enable more optimized value judgments for EVs, which have previously been valued based on mileage and vehicle condition, just like internal combustion engine vehicles, for used cars and insurance premiums.

The service was developed as part of the 'Battery Residual Life Certification Service' project, the only focused project in 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.

“We will do our best to issue reliable battery evaluations by storing data on the blockchain and secure distribution stability when utilized,” said JH Kim, CEO of PARAMETA.

“By transparently and accurately diagnosing, evaluating, and certifying the value of EV battery residual life, we will contribute to the realization of a circular economy, not only in the used car and insurance sectors, but also in battery reuse," said Park Jae-hong, CEO of PMGROW.