Automobilistic Blockchain

Automobilistic Blockchain

Cars market is one of the bigger in the world, according to some estimates there are one billion and two hundred thousand cars all over the planet, the revenues that turn around it are really high. Various world companies are thinking about entering on cryptocurrencies and blockchain, so far is the most prolific period in history.

Cars couldn’t miss this call in cryptocurrencies world, a car company from London would like to use the blockchain to sell its own making an exchange and a marketplace, in the last one it will be possible to view historical data and information about the vehicles as insurance risks associated with certain countries or cities.

Auto Block just launch its own “Pre-STO Sale”, a pre-ICO, according to the data in their possession, which are shown in the white paper on their site, in the whole United Kingdom the number of car sellers is greater than 6.000, the purchases have been falling in recent times and many vehicles end up on complete decline remaining unsold.

The company has stated that there are more than one problem with the market contraction: on one side sellers who have to align their long-term strategies with those of importers and producers, on the other side the giants of the field maintain the monopoly pushing prices down, so the small businesses will be slowly eliminated.

Auto Block has had an idea, that is to make a turning point to the cars market trying to revolutionize it completely, their strategy provides to give access to sellers to a decentralized marketplace, in this way they will have total access to the cryptocurrencies global sector, looking for to keep this system simple and above all economic, the ads should be completely free and the transaction with very small costs.

 

The solution proposed by them includes two distinct phases:

The first one is to use cryptocurrencies for a Point-of-Sale (POS) system and for an exchange specifically designed and dedicated to car seller which is able to accept both FIAT and virtual currency, maintaining interest rates modest and with regard to withdrawals that must be extremely versatile. To facilitate the entry of new and existing car sellers, as well as that of international buyers, by encouraging entry opportunities, Auto Block will accept payments in many currencies through mobile applications, desktops and POS devices. They want to launch its own cryptocurrency, which will be called Autocoin, with the aim of becoming the standard currency for the cars sector. The use of their currency should offer numerous advantages to their users, including increased security and protection against fraud as well as immediate international transitions.

The second one is the new blockchain platform to sell cars called Autcoincars.com that will serve to place ads for vehicles free of charge. It will be the first portal to allow buyers to choose among the thousands available cars, new and used, paying in cryptocurrencies. It will be possible to find too many infos about the vehicles used in their database, the algorithms of the marketplace will use the blockchain to extrapolate and attribute data such as mileage, age, insurance compensation and any repairs that must be made.

According to a survey dated 27/08/2018 proposed to several car manufacturers by Deloitte, the blockchain is getting closer and closer to its crucial moment where it should reveal its potential: the results of the survey indicate that companies operating in this sector are very favorable to using this technology, 57% are already aware of it and 31% are already experimenting with it.

Moreover BIS Research, always in the same period of the previous one, has made a study from which an estimate regarding the global market of cars has leaked, from the data obtained estimate that by 2026 this market based on the blockchain, will reach a value of 1.6 billion of dollars. Immutability, reliability and scalability would be the benefits offered by technology to obtain the results they esteemed.

 

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16 thoughts on “Automobilistic Blockchain”

  1. Did not know about the project! As it is auto industry, should keep an eye on it.
    I would even say a belated blockchain platform, car industry looks like lagging behind the other sectors in the implementation of blockchain.

  2. Thank you very much! Very well researched and nice infos from important sources. Good to know that there are allready lots of people researching and planning things like this. Sounds like an ambitious project, indeed the car market is a huge business that is worth trying to innovate with something like this.

  3. Thanks for the informative post Dexpartacus. The used car industry is bound to be disrupted by blockchain. From a buyers perspective the condition of the car should be much easier to verify. Prior accidents, true mileage, the number of previous owners all would theoretically be easily discover able. Going to be a lot of competition in this area. Cheers.

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