The new program, entitled XCEED (eXtended Compliance End-to-End Distributed) blockchain program, will cover the entire process of compliance from design to production, the release says. Automotive industry partners, including Continental, Faurecia, Plastic Omnium and Saint-Gobain, worked on the project.
The program was developed in concordance with auto makers and is intended to bolster the processes, as the new market surveillance regulations from Sept. 1 have just taken effect. The controls concerned vehicles already on the market and, as such, the entire compliance process needs to adjust now.
By using blockchain, relevant information can be easily passed and tracked between multiple actors, allowing for quicker sharing and greater efficiency. XCEED, the release says, aims to craft a consolidated network for information trades between parts manufacturers and vehicle manufacturers, intending to allow all parties to maintain control and keep data safe.
IBF’s recently-created flagship Digital IBF Lab will aim to make an ecosystem in blockchain based around what the release calls relationship-based transactions, encompassing everything under the umbrella of philanthropic or non-profit ventures.
IBF CEO Mohammed Alim said the new initiative was intended to be different from other Islamic programs centered around charity, such as zakat, sadaqah or cash waqf, which traffic in one-time payments from the donor to the beneficiary. A blockchain-based project would help donors keep track of projects they might be fond of, he said.
Alim said the use of blockchain “is expected to bring in its numerous other benefits, e.g. enhanced transparency, reduced cost of intermediation and an enhanced donor base (crypto-donors).”
“From the standpoint of the agent (charity), the new framework should mitigate donor attrition risk. The notion of ‘feel the impact as you give’ is expected to induce relationship-based donation and a longer-term bondage between the actors (donor, beneficiary and intermediary),” Alim said, according to the release.
After the charity project is done, IBF intends to introduce similar technology for other sectors of the economy, including trade and commerce.