Volkswagen Financial Services Opts for Blockchain Platform for Digital Contracts

VW Financial Services (VWFS) is utilizing digital identity solution Onfido and blockchain validated e-signature solution Scrive for its recent digital funding solution in the UK. VWFS offers financing, insurance and leasing services, and clients can now utilize the solutions from the two firms whey a credit application is made, irrespective of whether it is done personally or remotely.

With the Onfido solution validating user’s identity basically involves acquiring a copy of your id and a selfie and Onfido matches both with facial recognition.

Titus Ackah-Sanzah, Product Owner at VWFS UK, said “The response from our dealers is very positive: a clear, easy to follow process that streamlines the purchase experience and expedites the payout time.”

Scrive utilize traditional e-signatures, which make use of handwriting instead of cryptographic signatures. Blockchain technology is adopted to make it tamperproof. Furthermore, the e-signature utilizes KSI blockchain of Guardtime and acquires a crypto hash of the contract, such as a fingerprint and saves it on blockchain.

Guardtime, being an enterprise blockchain, has taken the initiative of releasing a hash of the total chain every month in the Financial Times. As blocks are connected, in case a block gets altered, it will get noticed immediately.

Scrive CEO Viktor Wrede said “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.”

Rest of the automotive sector customers is Volvo, Avis and Scania, which is a subsidiary of Volkswagen group. However, the firm has customers in other sectors as well. For instance, Telia and Telenor from telecom sector is their client.

VW Financial Services utilize blockchain system for digital contracts. In the meantime, as of date, Volkswagen’s blockchain operations have basically resorted to sustainable sourcing of minerals.

Two years back, it collaborated with firm Minespider for tracking of lead. During the same period, it also became a member of the IBM Responsible Sourcing Blockchain Network to track cobalt. Of late, the firm signed up as an advisor to the CERA Association, a blockchain powered certification platform for the mining sector.