Blockchain is the technology that underpins cryptocurrencies like Bitcoin and Ethereum. But today, the technology is not limited to digital currencies alone. It is becoming mainstream as various industries come forward to utilize the underlying principle of the blockchain. Among the industries, the automotive sector is looking for blockchain solutions as it enters a new era of digitization. A research form Frost and Sullivan reveals that the total automotive industry’s spending on blockchain technology is expected to mount to USD 1.5 billion by 2025. One such solution that is positively disrupting the automotive industry is the initiative called the AutoBlock.
The AutoBlock is a blockchain product and service suite developed for the global automobile industry. The idea was born during the first quarter of 2017 when the founders felt the need for a safer, more secure and reliable motor market. The company’s mission is to address the three primary issues faced by the automotive industry, which includes:
- Vehicle data
- Vehicle valuation system
- Payment security and enhancement
It also allows customers to conduct transactions in a dedicated cryptocurrency ‘AutoCoin’ using a digital platform. Given its undeniable promising future, it is advised to invest in this upcoming technology and reap the benefits associated with it. This article talks about those who should consider investing in the AutoBlock and what this platform might have in store for them.
Since the number of blockchain wallet users is exponentially increasing, reaching a staggering 28 million at the end of September 2018, platforms like Autoblock can be the right place for them to get their dividends. Crypto users can exchange their cryptocurrencies for Autocoin and can even sell or buy cars with it. All the information about the transactions is secured since the platform leverages the power of blockchain technology.
2. Those who want to avoid trading in traditional currency:
Trading in fiat currency comes with a lot of hassle including security concerns and financial intermediaries like banks, merchant accounts, and payment gateways. Investing in Autoblock can get around many of the disadvantages associated with trading in traditional currencies.
Fiat currency investment can become difficult. Besides the legislative rules, even entering the world of buying and selling can be challenging. Investing in a digital currency like Autocoin can offer a solution to those problems. It provides more potential for investors to get involved as barriers to entry are far lower than with fiat currency investing.
3. Car Dealers:
Dealers can invest in Auto Coin to reduce fraudulent transactions. Credit card frauds and identity frauds account for more than 70 percent of all frauds worldwide. Autoblock will mitigate such risks and give the dealers access to crucial and insightful information. Auto Coin is a solution for car dealers and customers who want to trade in cryptocurrency instead of fiat currency; hence there are more chances for them to make their revenues go up.
The brains behind The AutoBlock combined with the power of the distributed ledger and untampered data makes it an attractive investment opportunity for about everyone. The AutoBlock, being the pioneer of blockchain technology in the automotive industry, is bound to grow; and with it, the lucrativeness of your investment will also grow.