Ocean Protocol, Singapore's sgCarMart to Introduce ‘Know Your Car' Blockchain Data Marketplace

The vehicle industry is slowly adopting blockchain technology as more partnership crop in between the two industries.

The latest partnership announced on Friday, July 5th, 2019 introduces the used car industry player sgCarMart to data protection and verification through a partnership with Ocean Protocol, a data exchange protocol built on a blockchain.

  • Singapore reports 9,000 used cars to change hands every month as recorded in 2018.
  • Ocean Protocol and sgCarMart form partnership to launch “Know Your Vehicle” platform.

Singapore based used car firm, sgCarMart, announced its partnership with Ocean Protocol for the latter firm to provide a platform for consumers in the country to verify the condition and data of the vehicle related before purchase.

According to the press release, the Know Your Vehicle platform will provide “comprehensive information about a used car” and further allow users to securely share the info.

This is expected to improve the used car business in Singapore and help consumers make more objective and accurate buying decisions.

“All in all, the Know-Your-Vehicle Data Marketplace can promote road safety for all by making sure that consumers purchase cars that are fit for the road; and in the long run, encourage car owners to better maintain their cars to maximize resale value thereby enforcing a virtuous cycle.” – Press release on Ocean Protocol/ sgCarMart partnership.

“Know your Vehicle” Platform Launches

Customers looking for a used car usually have to rely on a third party or the used car dealer to confirm the state of the car.

This brings about a state of information asymmetry which may lead to an underestimate on the measurements of the vehicle. Other car sellers may hide the defects altogether leading to an unwanted purchase.

The Know Your Vehicle protocol is aiming to end this problem by providing customers with the capability of tracking data origin on a vehicle and then trace its history. This allows users to access not only get timely information but also reliable and accurate information on used cars. Ocean Protocol provides an efficient platform for users to share and monetize their data in a secure and immutable environment.

Speaking on the partnership with Ocean Protocol, the General Manager of sgCarMart Quotz, Glenn Ong, said,

“We are pleased to unlock used car data so that consumers can make better and safer buying decisions. In future, we hope to leverage these data further to help industries and the government to advance products and services as well as a greener and more efficient future for the people in Singapore.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today