Auto Block: A New Car-Sales Platform Backed by Blockchain Technology

A new car-sales platform backed by blockchain technology has been created by an automotive company based in London, England. It boasts an exchange and a marketplace that offers a detailed history of each car in addition to information on trading and insurance risks associated with specific countries and cities.

The new platform is called Auto Block, and as per their white paper, there are over 6,000 car dealers in the U.K. that are competing over the market share of retail sales. A Q2 2018 report written by The Society of Motor Manufacturers & Traders (SMMT) demonstrated a decrease in purchases of used cars since last year, and new car purchases are also declining.

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Auto Block thinks that this is a result of many issues. For one, sellers have to cater their long-term strategy to that of the manufacturers and importers. For two, Auto Block asserts that larger companies, like Autotrader and eBay, are holding a monopoly on the market, pushing prices down and smaller car retailers can’t compete.

Thus, Auto Block hopes to develop a new market force, where car dealers can access the global cryptocurrency market with little effort and low cost via a decentralized marketplace — with free listings, free advertising and low transaction costs.

The new platform offers a two-step solution:

1. cryptocurrency will be used for a point-of-sale (POS) system and a tailor-made exchange for car dealers specifically, enabling them to accept any currency — fiat or crypto — with lower interest rates and versatile cash-out options.

By using a desktop, POS device, or mobile apps that can accept multi-currency payments, Auto Block expects to craft an easy-to-access market for international buyers and introduce opportunities for new and existing retailers to access the growing market.

To make this possible, Auto Block will be introducing its own cryptocurrency called AutoCoin, which focuses on becoming the industry-standard crypto. As per the company, using their native crypto comes with a host of benefits for users, from security and fraud prevention to international payments with an immediate settlement, and many more.

2. The company will offer a new blockchain car-sales platform called Autcoincars.com, which advertises cars free of charge to crypto users. As reported by the company, this will be the first dedicated portal for buying and selling new and used vehicles with crypto, thus giving the buyer the choice of thousands of cars in one place.

The company is using algorithms based on the blockchain to assign attributes to used vehicles and build an extensive database of vehicle specifications, like the age of a car, mileage, significant repairs and past insurance claims. It also offers metrics on the most profitable or high-risk locations concerning buying and selling, insurance claims and more.

A survey conducted by Deloitte, one of the ‘Big Four’ auditors, found that blockchain is moving closer to its breakout moment every day. It also showed that companies in the automotive industry were particularly on-board with the technology, with 57 percent of them answering that they are “aware” and “getting educated,” 31 percent “experimenting — creating proofs-of-concept” (PoC), and 12 percent in “production — deploying it in our business.”

What’s more, another study from BIS Research estimated that the global automotive blockchain market would reach $1.6 billion by 2026. This is thought to be a result of the many benefits of blockchain technology, such as immutability, reliability and scalability.

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When preparing news, materials from the following publications were used:

https://cointelegraph.com/news/car-retail-startup-to-launch-blockchain-marketplace-with-live-vehicle-history-data

https://www.theautoblock.com/blog/wp-content/uploads/2018/08/whitepaper1.6.pdf

https://www.theautoblock.com/

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Image Credit: non c / Shutterstock

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