When it comes down to implementing blockchain technology and cryptocurrency into the automotive sector, it is safe to say that AutoBlock has been the pioneer. This platform doesn’t just use blockchain to offer fair vehicle valuation, but it has also created a cryptocurrency specifically for the auto industry. This cryptocurrency, called the AutoCoin signifies the mainstream adoption of blockchain and crypto technology into industries.
When you look at AutoBlock’s journey, you realize that it has come quite far from where it began.
The early days
It all started back in 2017 with an idea. The idea was to streamline the auto sector by creating an integrated platform. During the early days (when the idea was generated), the whitepaper was then formed to identify present problems in the automotive industry that the proposed solution of the AutoBlock could solve.
This platform was to act as a bridge between car buyers and sellers. Later, the AutoBlock platform also incorporated P2P selling. The fact that it offers vehicle valuation systems allowed the AutoBlock to be viewed as a facilitator during an automotive transaction.
Almost a year after the inception of the platform, the AutoBlock has managed to make a mark in the automotive sector. Within a year, it was able to launch the alpha version of its platform. The development of the API services of the platform also began early in 2018.
As of now, an e-Wallet, an AutoCoin card, and a cryptocurrency have all been set. The p2p platform is functional with various car dealers and p2p sellers on board. It has also conducted an ICO.
Now that the AutoBlock has progressed enough to deliver all the proposed solutions (which it claimed it would, in its white paper), it is now eyeing on ways to grow further. The mission of the company isn’t limited to any one location. The wish to revolutionize the way cars are bought and sold with the help of blockchain and cryptocurrency.
Recently it was revealed that the AutoBlock is planning to grow its reach to a global level. The masterminds behind the company held a meeting with the Turks about a possible partnership. The meeting proved to be successful. The AutoBlock along with its Turkish partners will be able to use the blockchain technology to revamp the way car transactions occur at a global level.
Can the AutoBlock succeed on a global level?
Yes, it can. Why? One of the biggest reason the AutoBlock can and might succeed at a global level is that of the AutoCoin. AutoCoin, which is the automotive sector-specific cryptocurrency is an excellent alternative to fiat currency. It makes paying for vehicles a piece of cake. It allows for global transactions since it is not dependent on exchange rates. This easy to use currency along with the transparent system offered by the company is bound to resonate with the masses.
The AutoBlock has come a long way since its inception. Time will tell how much it will grow in the future.