A car company based in London, UK, has developed a car sales portal that is powered by blockchain technology. It features an exchange and a market that provides a detailed history of the cars as well as data on the risks of trading and insurance associated with certain countries and cities.
According to Auto Block's white paper, there are more than 6,000 dealers in the UK competing against the retail market share. A report of the second quarter of 2018 published by The Society of Motor Manufacturers and Traders (SMMT) shows a decline in purchases of used cars since 2017 and even purchases of new cars are falling.
Auto Block believes this is caused by several problems. Sellers must fulfill their long-term strategy with that of producers and importers. In addition, Auto Block claims that large companies, such as Autotrader and eBay, are maintaining a monopoly on the market, pushing prices down and small car dealers in the corner.
Auto Block hopes to reach a new market force, where car dealers can access the global cryptocurrency market with minimal effort and cost through a decentralized market – free listings, free advertising and low transaction costs.
Modernizing sales of engines
Auto Block proposes a two-step solution: first, the cryptocurrency will be used for a point-of-sale POS system and a tailor-made exchange for car dealers, that allows them to accept any currency or encryption – with reduced interest rates and versatile collection options.
POS devices or mobile applications that can accept multi-currency payments, Auto Block hopes to create an easily accessible market for international buyers and to introduce opportunities for new or existing retail to access the growing market .
To further facilitate this, Auto Block will launch its cryptocurrency called AutoCoin, which aims to become the industry's standard cryptography. According to the company, the use of native cryptography comes with a number of advantages for users, from security and fraud prevention, to international payments with "immediate regulation", among many others.
The second part of their solution is a new blockchain car sales platform Autcoincars.com, free advertising cars for crypto users. According to the company, this will be the first portal dedicated to the purchase and sale of new and used cars with cryptography, which offers the buyer the choice of thousands of vehicles in one place.
Marketplace algorithms use blockchain to assign attributes to used vehicles and create a large database of vehicle specifications, such as the age of a car, mileage, major repairs and previous requests for vehicles. compensation. It also provides metrics on the most profitable or high risk positions for purchases and sales, compensation claims and so on.
Blockchain automotive industry exhibition
A survey published on 27 August 2018 by Deloitte, one of the "Big Four" auditors, suggested that the blockchain is approaching its "breakout moment every day". He also found that companies in the automotive sector were particularly on-board with technology, with 57% responding to being "Conscious" and "educated", 31 percent "experimenting – creating concept tests" (PoC) and 12 percent in "production – distributing it in our business".
A BIS Research study published in August, 2018, estimated that the global automotive blockchain market will reach $ 1.6 billion by 2026; this "robust growth" should be due to the many advantages of technology, which include immutability, reliability and scalability, along with a variety of potential applications.
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