On an average, companies invest $1 million in blockchain related projects. You might be surprised that these industries range from banking to the automotive sector. The automotive industry is one of the most profitable sectors of today, with global sales of 81.5 million vehicles in 2018 only. One might wonder how blockchain could possibly benefit the industry?
Well, blockchain is transforming the way car related transactions occur. An example of this is the AutoBlock. What is the AutoBlock? It is a blockchain based platform that allows car buyers and sellers to conduct transactions using cryptocurrencies- the AutoCoin to be precise. This isn’t it. The platform delivers various other solutions that have made it a poster child for revolution within the automotive industry.
Here is how the AutoBlock is improving the automotive industry.
Delivering an unbiased vehicle valuation system
When you buy old cars, the chances are you get it valued first to gauge how much it is worth. Vehicle valuation is at the heart of dealing with old cars. What a lot of people don’t realize is that the current vehicle valuation systems are highly biased in favor of the dealers. This is because they control the information, which can be altered as per their desire. This means that buyers are always at a loss. The AutoBlock offers a valuation system that uses blockchain technology. This means that all data on the network is encrypted and hence cannot be altered. Moreover, because it is decentralized, no one party can influence it. This leads to fair and accurate vehicle valuations.
Transcending borders during automotive transactions
There is a high probability that when you think of buying or selling cars, you think local. One of the primary reason for this is that global exchanges are prone to fluctuation which makes purchasing cars across regions very expensive and risky. However, since the AutoBlock conducts its transactions using AutoCoin, you don’t need to worry about exchange rates. Instead, the value of the vehicle will remain stable regardless of the changing rates.
Eliminating transaction costs
When you deal with fiat currency, you must go through a bank. This reduces the risk of fraud. However, this comes at the expense of an intermediary fee. What if we told you there is a way that the risk against fraud and identity theft can be minimized without the need of financial intermediary? Well, this is the value proposition of the AutoBlock. The platform uses blockchain technology to secure your sensitive information. At the same time, the use of cryptocurrency renders the need of an intermediary unnecessary. This means you end up saving on transaction cost, making the transaction much more cost effective.
These are just some of the many ways the AutoBlock is revolutionizing the automotive industry. As technology slowly becomes more mainstream, we can expect similar solutions to make our lives even more comfortable than before.
Try the AutoBlock if you want to buy or sell your car. Its p2p selling platform and cryptocurrency are bound to surprise you pleasantly.