The Auto Block: Blockchain for Automotive Industry

The Blockchain technology was featured on Gartner’s Top 10 Strategic Technology Trends list back in 2016. This ingenious trend has gained quite a lot of popularity in the last few years and even though it was initially developed for the digital currency, Bitcoin, it has proven useful in many other areas such as the internet and automation.

 

 

In a nutshell, the Blockchain technology makes it possible for information to be recorded and distributed, without being copied. While Blockchain has a lot of other benefits as well, the one reason why people around the world are adopting this technology is that it keeps you as well as your data safe and secure.

 

Today, our focus is on how The AutoBlock is revolutionizing and redefining the automotive industry by decentralizing it. The fact is that the systems which are currently being used don’t prioritize the customers’ needs because the infrastructure that the industry is built on is outdated and no longer useful.

 

Though several companies have come up with ideas of platforms that connect buyers and sellers to offer them the best price, they aren’t using blockchain technology and have limited success.

 

On the contrary, The AutoBlock aims to design a platform which will not only make transactions safer with cryptocurrency but will also store each vehicle’s history by gathering information since its production and offer the full specs so its real value can be known.

 

 

The possibilities

 

Since auto sales are at an all-time high, transactions are hitting the roof, and this presents an ideal opportunity for cryptocurrencies to be introduced to the industry. Implementing blockchain technology into the motor industry will be beneficial not only for buyers and sellers but also for insurance companies, government agencies and other such platforms which deal with different types of cars and vehicles.

 

With automobile giants such as BMW and Mercedes Benz already embracing cryptocurrency, the odds are favorable for cryptocurrency users. With The AutoBlock, you can rest assured that you’ll be provided with a transaction alternative that’s not only effective but safe and secure too. It will offer transparency to customers and companies alike and make peer-to-peer transactions more flexible.

 

The possibilities of blockchain technology in the automotive industry are endless; the following are some of the most obvious ones.

  • Lower transaction fees
  • No waiting period for transaction maturity
  • No additional bank charges
  • Security again identity theft
  • A centralized system for data and history
  • Prevents fraud and reduces the risks of chargebacks
  • Quick international transfers without the hassle

 

The AutoBlock keeps you safe from identity threats and other such scams because third parties don’t store your credit card and bank details. Instead of the vendor pulling the money from your account when you provide them with the details, blockchain makes it possible for you to push the amount once you request for it to go through.

 

 

What solutions does the Autoblock offer?

 

People who are even remotely related to the automobile industry know that it is a business which comes with its fair share of issues. While there are endless problems, The AutoBlock aims to solve four of the most prominent ones.

Here’s what you can hope to benefit from if you decide to go with the answers that The AutoBlock has
to offer.                                                                     

 

Data consistency with decentralized global database

 

The worldwide automobile industry is facing one common problem; inconsistent data. With latest technologies, services, and applications being implemented to the ecosystem, there is a clear need for a decentralized global database which helps in making it easier to access vehicle data such as model, make, year of manufacture, and mileage among other things.

 

In the current automotive arena, this data is corrupt and inadequate, and this is precisely why something real is needed that can be accessed from anywhere in the world. This decentralized system and clean data can help governments, insurance companies, national car registries and everyday buyers and sellers.

 

All-in-all, a system which is built on the distributed ledger mechanism will assist in making things so much more straightforward.

 

 

Real valuation of the used car market

 

According to stats gathered by Statista, the used car market went from 35.7 million in 2010 to 42.7 million in 2017. These numbers are quite eye-opening because while previously owned vehicles are being bought and sold steadily, the data being generated is forgoing massive amounts. Gathering this data has become a challenge because of the sheer vastness, and while it is something which can be used as a valuation tool, the information is biased and highly depends on the buyer’s or seller’s judgment. With The AutoBlock, you can hope to gather and organize the used car data is such a way that it is uniform for both parties, so nobody is at a loss.

 

 

Makes payments more secure

 

Cryptocurrency is one of the most prominent features of blockchain technology which is used by The AutoBlock. According to CoinMarketCap, the size of the cryptocurrency market was $600 billion by the end of 2017, and this is quite a leap since it started with just $16 billion at the start of the year.

 

With the blockchain technology, you can not only hope to be safer with your online transactions but can also use it to transform products, services as well as process. With the platform provided by The AutoBlock, you can rest assured that you won’t be a victim of identity theft because everything will be done in an organized and secure way. So, if you’re thinking of buy sell car online, The AutoBlock might be what you require.

 

Blockchain technology is essentially revolutionizing how the world works and has shown its potential in a variety of different areas. Now, The AutoBlock intends to harness everything that both blockchain and cryptocurrency have to offer so everyone from insurance companies to regular buyers and sellers can benefit from it. Though the platform is still under development, it poses as a great asset for anyone who runs a business in the automotive sector or an individual that wants to buy or sell his car.

 


Author Bio:

About Michelle Joe: Michelle Joe is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences, and express herself through her blogs. You can find her on twitter: @michellejoe524

 

Images: Pixabay

 

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