Volkswagen Financial Services’ new blockchain initiative is an alliance with Onfido, a digital identification solution, and Scrive, an e-signature service, to secure their customers from interference or identity theft.
Scrive’s tamper-proof e-signature app apply Guardtime’s KSI blockchain to grab a cryptographic hash of the agreement and archive it on the blockchain, whereas Onfido allows businesses confirm the authenticity of their clients using a virtual account to validate their identification within just 15 seconds.
“Scrive and Onfido enable a fast, compliant and error-free financing process while providing a first-class customer experience for car buyers,[…] this joint solution with Volkswagen Financial Services UK leverages Scrive’s substantial penetration in the automotive sector”, stated Scrive CEO, Viktor Wrede.
Volkswagen Financial Services provides a number of car lending and aftermarket services, and also designing creative mobility technologies. Clients will be eligible to use the options presented by this new partnership when making a credit application. To validate a person’s indentity using face detection, the Onfido system only includes a duplicate of identification and a picture.
Titus Ackah-Sanzah, Product Owner at VWFS UK, reflected on the implementation phase:
“The response from our dealers is very positive: a clear, easy to follow process that streamlines the purchase experience and expedites the payout time.”
Remote applications, such as the one offered by VWFS, allow employees and consumers to close transactions using safe, legally valid digital form of signature and identity solutions throughout a global disease outbreak.
Even though VWFS’ blockchain participation has mainly been centered on the renewable procurement of minerals, they recently operated and partnered with Share&Charge on a charge point system for electric cars in the United Kingdom utilizing blockchain.
VWFS is now working on a blockchain-based virtual passport utilizing BigChainDB, a decentralized blockchain-like data storage system, and Azure’s IoT center.