By Tom Davis
San Diego, California -- January 17, 2018 -- Mitchell has announced it will release a "secure solution" for sharing data among users within the collision repair and insurance claims industry.
“Data security has never been more important than it is today, and given the large number of existing systems and partner dependencies, limited efforts have been made to address the risks associated with estimating information saved in either EMS or BMS formats and stored in thousands of decentralized locations,” explained Olivier Baudoux, Vice President of Global Product Strategy at Mitchell.
Mitchell said its new solution will promote and foster the flow of collision data among trusted industry partners, using blockchain technology to provide a "highly secure, distributed and advanced encrypted-data exchange between stakeholders."
Blockchain is a continuously growing list of records, referred to as blocks, which are linked and secured using cryptography. By design, blockchains are inherently resistant to modification. Bitcoin is one of the more prevalent users of Blockchain technology, which allows and verifies secure online financial transactions without requiring a centralized authority to serve as a clearinghouse.
Mitchell is proposing a collision-centric blockchain community that is a secure yet simple way to share data among trusted industry partners. The technology allows for a simplified, open and distributed ledger that is transparent, verifiable and self-administered by the community.
As a trusted partner, a company will be able to validate and add to the chain.
Ravi Nemani, Senior Vice President of Product Delivery at Mitchell, added: “The ideas of a single entity controlling the data and a single server system being used to ensure security are outdated and do not fit the distributed environment of vehicle repair and collision claims. Blockchain, on the other hand, is a modern and more robust method for enabling efficient data exchange in a highly secure environment.”
More information on Mitchell can be found at mitchell.com.