There were 81.5 million cars sold globally in 2018. To say that the automotive sector is doing well would be an understatement. Not only is the auto sector growing, but it is also positively disrupted by other emerging sectors. One such sector is the blockchain and cryptocurrency industry. What once was an object of distrust and skepticism is not gaining mainstream acceptance. This is evident from solutions like the AutoBlock.
What is the AutoBlock?
The AutoBlock is the product of blockchain technology that aims to make the vehicle buying and selling experience convenient and hassle-free. It has been developed to address the needs of the global auto industry. The platform allows users to purchase cars using a cryptocurrency called the AutoCoin. Moreover, it allows them to engage in p2p selling as well.
The AutoBlock has managed to create quite a buzz. Various people are talking about the company and its solutions.
Who cares about what the AutoBlock offers?
The primary stakeholders who have been talking about the AutoBlock include those who:
Are dissatisfied with the current vehicle valuation system
There are various vehicle valuation software available today. After all, these systems are required to gauge the value of your used car. However, most people who use such systems to find the worth of their car think that the valuation systems are biased and aimed to get car dealers a better deal. The fact that the data can be manipulated and cannot be controlled by the seller does provide evidence for such concerns. Such people have been finding the AutoBlock’s decentralized and blockchain based valuation system to be a much better choice. The data on this system cannot be manipulated since it is all encrypted and stored on the network. At the same time, the valuation system is also very transparent, making it unbiased.
Find financial intermediaries to be hassling
Currently, when you buy or sell cars, you must do so via financial intermediaries, like a bank. This is because whenever fiat money comes into the equation, people have security concerns. However, this comes at the cost of a transaction fee. Many find dealing with financial intermediaries to be a hassle. For such people, the AutoBlock has been a great alternative. This is because the platform accepts cryptocurrencies. And in case of cryptocurrencies, your data is already secured, rendering the need for a financial intermediary unnecessary.
Wish to engage in p2p buying and selling
Rather than buying or selling your vehicle from dealerships, many people find directly transacting with other customers to be a better choice. Here, the chances of being manipulated into a deal because of persistent haggling of the dealer is not an issue. However, previously, p2p transactions were considered risky. But, the introduction of a decentralized p2p platform has taken away this risk.
It is safe to say that various people have benefitted from the solutions offered by the AutoBlock. This is the key reason behind its success.