The automotive industry, as well as the blockchain industry, is on the rise. While the automotive sector sold over 81.5 million units of cars in 2018, Bitcoin alone experienced a market capitalization of 114.5 billion USD.
What many don’t realize is that the two booming industries have a future together. Slowly, various companies are introducing a blockchain based solution for the automotive sector. One such solution is the AutoBlock.
Various problems that persisted in the market that led to the creation of the AutoBlock. Here are some of them.
Difficulty in buying cars with cryptocurrency
Even though cryptocurrency is going mainstream, previously it was hard to find platforms that accepted cryptocurrencies as a legitimate way of paying for the purchased vehicles. Instead, if you wanted to buy cars through cryptocurrency, you had to convert your digital currency into fiat money, and then use it the usual way to complete the transaction. This was a source of massive inconvenience for crypto users.
The problems associated with the current valuation system
The AutoBlock doesn’t just deliver a way to carry out a transaction using the AutoCoin. The platform can also be used for valuing cars. This solution came into existence because of the problem that the current vehicle valuation system was plagued with. The data used by the system was incomplete and biased. Neither was it consistent nor was standardized. This made such systems more in favor of traders rather than sellers.
Moreover, organizations who delivered these valuation systems had monopoly and control over the information. They could decide the data that is reflected in the system. This makes the system flawed and not a representation of the true value of the vehicle.
The challenge of finding dealers that accept cryptocurrency
One of the most significant problems that the market faced was that you could seldom find a dealer who would be ready to take cryptocurrency as a valid form of currency. So, if you were a crypto user, finding a dealer who would allow you to buy a car using cryptocurrency was like finding a needle in a haystack. The AutoBlock solves this problem by getting a variety of dealers on board. The AutoCoin’s platform is home to various reliable dealers for users to choose from.
How the AutoBlock solved these problems?
The AutoBlock was born to solve these three prevalent problems in the industry. Here is how it addresses each of these problems.
The AutoCoin is a cryptocurrency made specifically for the auto industry. You can use it to carry out transactions related to buying and selling cars. This means that you no longer had to convert your bitcoins into fiat currency before you use it to purchase vehicles. This reduces transaction cost as well as reduces dependence on fiat currency.
Autocoincars.com has dealers onboard
The autocoincars.com is a p2p selling platform that has various dealers onboard. You can get both new and old cars on the platform. Dealers here accept cryptocurrency. This portal is free to use and allow you to access all the relevant information about a given car.
The AutoBlock’s vehicle valuation system
This valuation system is decentralized and is made on a blockchain network. This means no party can influence the data present on the platform nor can they alter it. This makes the vehicle data accurate and reliable. Hence, the valuation delivered via it is also accurate.
If you are interested in buying and selling cars using digital currencies, the AutoBlock will solve your problems.