PARAMETA Begins Building a Battery Remaining-Life Certification Service on PARAMETA W
May 4, 2023, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced that it is beginning work on a battery remaining-life certification service built on PARAMETA W (Wallet as a Service), its trustworthy custody-based key management service.
The build is part of the battery remaining-life certification service project — the sole focus initiative within the 2023 Blockchain Private Sector Focus and Expansion Program pursued by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) to grow the blockchain industry. As lead contractor, PARAMETA has formed a consortium with participating company PMGROW and will work jointly on the project through the end of this year.
PARAMETA is responsible for the overall build of the battery remaining-life certification service, which transparently manages the lifecycle of EV batteries on the basis of PARAMETA W, its flagship service providing a straightforward yet powerful Web3 wallet. A battery's remaining life can be determined from data collected by fitting an on-board diagnostics (OBD) device to the vehicle. At the heart of the service is storing that data on blockchain to issue trustworthy battery assessments, and securing distribution stability when they are used for auto insurance, used car transactions, and similar purposes.
PARAMETA is therefore applying the core technologies of PARAMETA W to the service — DID (Decentralized Identifier), BFS (Blockchain File System, decentralized storage made available for use by blockchain smart contracts), and PDS (Personal Data Storage) — and plans to build a battery data distribution ecosystem in which battery history and other information requiring confidentiality, along with personal data, can be securely stored and transparently used in a form that guarantees the data subject's ownership.
"I am confident that this service, which provides transparent and objective assessment data on battery remaining life, can contribute to realizing a circular battery economy," said PARAMETA CEO JH Kim. "We will go on to expand the service through optimized cooperation with PMGROW across the battery industry."
As the accelerating adoption of electric vehicles drives rapid market growth, consumer interest in EV battery performance is rising — to the point that driving range is cited as the single most important consideration when buying an electric vehicle. Alongside this, the need for objective, reliable data on mileage and battery remaining life is growing in the EV insurance and used car markets.
The PARAMETA consortium plans to secure operational data and battery condition data from a range of electric vehicles through an EV battery subscription service, then apply blockchain technology and SoH (State of Health) analysis algorithms to the collected data to provide a battery remaining-life certification service. By transparently storing battery assessments on blockchain, the service secures data reliability and distribution stability, and is expected to contribute to consumer benefit by reducing the cost of assessing residual battery value and enabling reliable, reasonable used car pricing.
PMGROW, a battery specialist covering most of the battery value chain, plans to focus on the EV operational data collection and analysis and service commercialization required for the project, drawing on battery data and battery subscription business expertise accumulated since it began commercializing electric bus battery packs in 2017.
"The goal of this project is to provide users with trustworthy EV driving and battery management information through a blockchain-based battery remaining-life certification service, while supplying the market with reliable information, thereby contributing to the growth of new EV industry ecosystems such as insurance and used cars," explained PMGROW CEO Jaehong Park.
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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 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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