Alpha Romeo presents a new vehicle, backed by an NFT

On the occasion of the presentation of its new vehicle, the Tonale SUV, Alpha Romeo caused a sensation by disclosing a major innovation in the automotive sector. It is a digital certificate that will accompany the vehicle throughout its life to improve traceability and centralize information related to the vehicle. Made possible by NFT technology, this innovation appears to be one of the first non-financial use cases of the use of blockchains in an industrial perspective.

FACTS

• The new Tonale electric vehicle is presented as an illustration of the revival of the carmaker brand. Alpha Romeo is moving towards greater connectivity, electrification and technology.

• The main illustration of this last point is the association of each Tonale vehicle with a unique non-fungible token. A Tonale vehicle will thus be delivered with an NFT digital certificate.

• Based on blockchain technology, the Tonale NFT will certify the car at the time of purchase, and then record major information throughout the vehicle's life cycle (repairs, maintenance, servicing, change of owner, etc.).

• The certificate can thus serve as proof of the proper maintenance of the vehicle during its life.

• The vehicle data will be stored on the blockchain, in a confidential and unalterable manner, with the consent of the vehicle owner.

CHALLENGES

• Signing a world first: Alpha Romeo will be able to boast of being the first car manufacturer to unveil a vehicle associated with its non-fungible token.

• Enhance the value of the vehicle: The NFT Tonale should serve as an identity card and a maintenance booklet for each vehicle. Alpha Romeo promotes it as a system of certification of maintenance, good condition, and thus improving the residual value of the vehicle on the second-hand market.

MARKET PERSPECTIVE

• In addition to Bitcoin and digital currencies, NFTs represent another example of the potential of the Blockchain.

• A network of unchangeable blocks, the Blockchain has been touted since its inception as an unparalleled system of computer certification. Societe Generale recently highlighted its interest in deploying vehicle passports, such as Stampyt. Initiatives similar to the one presented today by Alpha Romeo.

• But the applications are numerous, in terms of digital identity, traceability, pension monitoring or real estate.