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.”