PARAMETA, Shinhan EZ General Insurance and PMGROW Sign MOU to Pave the Way for Practical Utilization of EV Battery Residual Life Certification

[(from left) Jonghyup Kim, CEO of PARAMETA, Byungkwan Kang, CEO of Shinhan EZ General Insurance, and Jaehong Park, CEO of PMGROW, at the Signing Ceremony to Promote the 'Building and Activating an Ecosystem for EV Battery Residual Life Certification']

 

October 5, 2023 – ‘Web3 Enabler’ PARAMETA Corp. (formerly ICONLOOP, CEO Jonghyup Kim) announced that it has signed a memorandum of understanding (MOU) with Shinhan EZ General Insurance (CEO Byungkwan Kang), PMGROW (PMGROW, CEO Jaehong Park) to build and activate an electric vehicle battery residual life certification ecosystem.

In connection with the 'Battery Residual Life Certification Service Project' that PARAMETA and PMGROW are preparing as part of the <2023 Blockchain Private Sector Focus Project>, this agreement is designed to establish and activate an electric vehicle battery residual life certification ecosystem that ensures reliability and distribution stability by utilizing blockchain-based certificates issued through the service for various services and products to be developed by Shinhan EZ General Insurance.

In this collaboration, PARAMETA and PMGROW will be responsible for implementing the technology and functions for utilizing the electric vehicle battery residual life certification. The blockchain-based electric vehicle battery residual life certification service being developed by the two companies is a service that analyzes data collected after installing OBD (On-Board Diagnostics) on an electric vehicle, evaluates the remaining life and condition of the battery, and issues a certificate. PARAMETA's blockchain technology is used to provide reliability and transparency across battery-related data, and PMGROW's artificial intelligence (AI) algorithm technology is used to enhance the completeness of battery evaluation and diagnosis.

The information collected through the self-diagnostic device is distributed through PDS (Personal Data Storage) in a form that allows users to sell data under their sovereignty and purchase it by necessary organizations or companies, and based on this, we plan to build an ecosystem for the distribution of electric vehicle batteries and vehicle-related data that is reliable and stable.

Shinhan EZ General Insurance will oversee the overall development of services and products using EV battery residual life certificates, laying the foundation for the practical utilization of EV battery residual life certification. Through this, users will be able to gain benefits in their overall life connected to electric vehicles through reliable certificate-based insurance services.

"This cooperation is significant in that we can create practical use cases for electric vehicle battery residual life certification, rather than simply identifying the status of the battery through certification," said Jonghyup Kim, CEO of PARAMETA. "We will strive to create an electric vehicle battery residual life certification ecosystem that can be used by all parties in various fields related to electric vehicles beyond insurance services."

"As the reliability of the battery residual life certification service combined with insurance has increased through this cooperation, certification standards for the distribution of electric vehicle batteries will be established," said Byungkwan Kang, CEO of Shinhan EZ General Insurance. "We will contribute to the expansion of eco-friendly electric vehicles by establishing a data-based risk measurement model and providing various insurance services related to batteries."

"Through cooperation with PARAMETA and Shinhan EZ General Insurance, we will secure the marketability of battery diagnosis and evaluation technology and services that incorporate artificial intelligence algorithm technology," said Jaehong Park, CEO of PMGROW. "In the future, we will cooperate in various service fields related to electric vehicles such as insurance, used car trading, and maintenance, and contribute to the realization of the battery circular economy."