Users of a new app will soon be able to use digital currency to make payments on their loans and insurances, according to the SHIFTMobility blockchain company. Like 2019, California-based SHIFTMobility of Redwood City, California, plans to incorporate credit institutions into its automotive ecosystem of service stores, manufacturers and distributors, unlocking the opportunity to use the partnership-level rewards program to achieve discounts on loan payments.
The SHIFTMobility lending partner program will allow users of the recently released Vehicle Passport app of the company to accumulate digital tokens, called AutOn, to make insurance and loan payments.
The initial version of the app, which debuted last month, is based on blockchain technology to consolidate vehicle-specific data into a single chain: vehicle make and model, insurance, service visits and real-time conditions. The data is used to create a digital identity for any vehicle that can be immediately shared within the national SHIFTMobility network.
"We are able to offer greater transparency to vehicle owners and at the same time provide an in-depth view of the activities on which they rely on the automotive ecosystem," said Elliott Schendel, marketing director of SHIFTMobility. AFN. "The inclusion of financing options is a logical step."
So far, SHIFT has 160,000 repair shops, over 200 component distributors and 200 manufacturers in the network, with some users in Canada, the UK and India. The company is working closely with the National Auto Dealers Association, based in Virginia, to further leverage the adoption of blockchains in the automotive sector, said Schendel.
"We are effectively reinventing car platforms that are used to buy new cars, used cars, financing and insurance," said Arvind Jain, CTO of SHIFTMobility and co-founder. Once SHIFT builds its network of lenders, consumers could accumulate Auton, currently valued at $ 1 each, for payments to loans and insurance, said Schendel. "We are actively building a partnership program with lenders to launch in 2019," he said.
Consumers can receive Auton based on miles traveled. "As you continue to drive, because we are acquiring data directly from vehicles and consumers are also participating in our network, using just a simple app like Vehicle Passport allows consumers to save more," said Jain.
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