Auto Block Blockchain Vehicle Marketplace With Live Car History Information Set to Launch
Vehicle Retail Startup To Unveil Blockchain Marketplace With Live Car History Information
A vehicle firm with its offices in London has come up with a vehicle-sales portal that is powered by the innovative blockchain technology. It is designed in such a way that a marketplace and an exchange is incorporated such that there is a detailed history of the car, as well as the information regarding trading and insurance risks related to certain nations and cities.
According to the white paper of the firm Auto Block, the United Kingdom has well over six thousand car dealers. All of them are competing for the market share of retail transactions. In the second quarter of this year, the Society of Motor Manufacturers and Traders (SMMT) released a report which indicated that there is a drop in the purchasing of used vehicles since last year. Additionally, even the purchases of new vehicles have seen a decline.
According to Auto Block, the decline in car purchases could be as a result of a number of reasons. One of the most important issues is that sellers have to take care of their long term stratagems to that of producers and importers. Additionally, Auto Block asserts that a couple of firms such as eBay and Autotrader have maintained a monopoly in the market. This has worked to the disadvantage of small vehicle retailers since prices have been lowered, thus making it difficult for them to compete profitably in the market.
Auto Block has an objective of achieving a new market force. In this new venture, car dealers will be in a position of having access to the world virtual asset market with little effort and at lower costs. This will be implemented through a decentralized marketplace, which will be comprised of free advertisements, cost-effective transaction costs, and free listings.
Modernizing Vehicle Sales
Auto Block has come up with a two-step solution to the challenge in the motor sales industry in the United Kingdom. First and foremost, crypto will be utilized for point-of-sale (POS) structure as well as a custom-made exchange specially designed for car dealers. The exchange will go a long way in assisting the car dealers since it will permit them to accept any currency, irrespective of whether it is crypto or fiat. It is worth noting that the interest rates will be reduced and the facility will also offer flexible cash-out alternatives.
By means of desktop, the POS devices or smartphone apps are in a position of accepting multi-currency payments. Auto Block will do its best to come up with an easy-to-access market for buyers from other parts of the world. The international buyers will also have the opportunity for new as well as current retailers in order to have access to the developing market.
In order to expedite this initiative, Auto Block will launch its own crypto, christened AutoCoin, whose objective is to become the industry-standard virtual asset. In accordance with the company, by using their own native crypto, the firm intends to rope in a string of benefits for consumers, and also to prevent fraud and to make international payments easy.
Vehicle Industry Exposure To Blockchain
According to a survey published by Deloitte last month, the innovative blockchain technology is moving closer to breaking moments on a daily basis. It is interesting to note that firms in the car industry are also on board with the innovative technology with majority of them asserting that they are aware of the benefits of the technology.