PARAMETA and PMGROW Unveil EV Battery Remaining-Life Certification Service
- PARAMETA and PMGROW unveil EV battery remaining-life certification service
[Photo caption: The PARAMETA–PMGROW booth at InterBattery Europe 2023, under way in Munich, Germany]
June 15, 2023 — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced that, together with battery specialist PMGROW (CEO Jaehong Park), it is unveiling an EV battery remaining-life certification service at InterBattery Europe 2023, currently under way in Munich, Germany.
The EV battery remaining-life certification service fits an on-board diagnostics (OBD) device to an electric vehicle, analyzes the data collected, assesses the battery's remaining life and condition, and issues a certificate — completed for use in areas such as auto insurance and used car transactions. In developing the service, PARAMETA's blockchain technology provides reliability and transparency across the battery data, while PMGROW's artificial intelligence (AI) algorithms raise the quality of battery assessment and diagnosis.
PARAMETA has applied PARAMETA N (NFT as a Service) to the service in particular, issuing and managing metadata for each battery as an NFT so that battery history and ownership can be transparently traced, raising the reliability of the distribution process. Through DID (Decentralized Identifier) and PDS (Personal Data Storage), core technologies of PARAMETA W (Wallet as a Service), it also assigns a decentralized identity to each user and use case, strengthening individual self-sovereignty over battery data.
The two companies plan to launch the service in Korea in early September, after completing a cooperation framework with a leading global certification body to raise public confidence. As Korea's first EV battery assessment and certification service, it is expected to enable valuation better suited to electric vehicles, which have until now been assessed for used car value and insurance premiums on the basis of mileage and vehicle condition, just like internal combustion vehicles.
The service was developed as 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.
"We will do our utmost to issue trustworthy battery assessments by storing data on blockchain, and to secure distribution stability when they are used," said PARAMETA CEO JH Kim.
"By transparently and accurately diagnosing, assessing, and then certifying values such as the remaining life of EV batteries, this will contribute substantially not only to used cars and insurance but to realizing a circular economy through battery reuse," said PMGROW CEO Jaehong Park.
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