Ford Joins Cardano-Based Project: Details
Cardano-based decentralized cloud service Iagon has announced that legendary car manufacturer Ford will act as an advisor for the project that aims to tackle issues that are associated with handling documents.
Large corporations of the likes of Ford produce large volumes of sensitive legal data that includes depositions, court records, and so on. However, such data tends to be scattered across different systems and teams. It is challenging to actually use that data due to inefficient management. Moreover, it tends to be vulnerable to potential security breaches.
In collaboration with software company CloudCourt, Iagon is developing a proof of concept (POC) that could solve the aforementioned issues by allowing companies to manage data in a secure and efficient way.
The Cardano-based project would combine Iagaon’s decentralized cloud storage and CloudCourt’s AI-based legal tools for processing and analyzing transcripts.
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Ford will provide some advisory input based on its expertise as a Fortune 500 company with a big legal department. The car manufacturer will assess the efficiency and the feasibility of Cardano-powered data storage and audit trails. The blockchain-based project will be compared to traditional solutions.
Iagon has stressed that Ford’s participation in the project shows that blockchain is now gaining traction beyond just finance.
This is not Ford’s first foray into blockchain. In 2019, the prominent car manufacturer also partnered with IMB, LG Chem, and some other companies to use the technology to ensure ethical cobalt mining practices. It was also the founder of the MOBI blockchain initiative that was established together with BWM, Renault, and General Motors back in 2018.
In September 2022, the company filed a slew of metaverse-linked trademarks.