Buy and sell cars with cryptocurrencies using The Auto Block

bonanza-kreep (66)in #blockchain • 6 years ago

From telematics devices to driverless vehicles and electric cars, you can't say that today's automotive industry is unfriendly to innovation. In fact, it is now one of the most data-driven industries in the world. But many traditional problems in it have not yet been conclusively matched with a modern solution, such as the problem of vehicle data reliability and transparency. Used car salesmen are a byword for dishonesty for a reason, but information about new cars can be distorted too.

https://www.theautoblock.com/

The Auto Block is a project that aims at allowing car dealers and private sellers to shake off this reputation and sell vehicles transparently with the help of blockchain technology. At the same time, it hopes to solve the cryptoindustry's adaptation problem by enabling easy purchase of such a popular commodity as cars with a cryptocurrency.

How will you use The Auto Block portal?

Individuals or businesses who wish to offer cars for sale using The Auto Block's AutoCoin token as a payment mechanism will be able to list their vehicles on the platform using an automated feed. Buyers, accessing the portal through the autocoincars.com website or a mobile app, will be able to search for vehicles based on country, model or price. The Auto Block will construct a detailed database regarding every car, including model technical specifications, car history, condition, data from telematics devices and location. This information will be stored using Hyperledger Fabric and made available to buyers.

Users will be able to use The Auto Block's proprietary valuation engine to determine a vehicle's true value with special algorithms based on the above-mentioned car details and local market data. AutoCoin owners will get several free runs, but beyond that using the valuation engine will require a platform subscription, paid in AutoCoins. All transactions on the platform will be done using AutoCoins on a dedicated wallet, but its internal exchange will allow users to automatically convert fiat currencies to the token and back with only a small fee.

The Auto Block will also issue payment cards that could be used with point of sale devices that will be made available to dealerships in physical locations. In time, The Auto Block may expand to allow leasing and the purchase of car parts, services and fuel with AutoCoins. Sellers will also receive a small AutoCoin bonus. The currency will use a proof-of-stake algorithm, with users being able to mint new coins if they have a server and at least 1000 AutoCoins.

Who might win with The Auto Block, and why?

Both buyers and sellers in the industry would benefit from the usual advantages of blockchain technology: transparency, security, efficiency and comparatively low costs due to cutting out middlemen. Car dealers will be able to reassure customers as to the quality of their offering and gain access to a large new target market. They will also gain a new venue for ads. Meanwhile, cryptocurrency owners will benefit from more liquidity. Additionally, valuations and other data will be extremely useful to insurance companies, as well as government agencies seeking to use it for better infrastructure planning. The company's income will mostly come from transaction fees, data services and ad revenues.

The Auto Block team has experience in both the automotive industry and the cryptoindustry. The blockchain platform, digital wallet and valuation engine have already been developed and are now in the testing phase, while the mobile app is being actively worked on. It plans to expand to cover the international car market, constructing a global database of vehicles. Such a database would be invaluable for further automotive industry development and the implementation of environmental regulations, which may draw the interest of environmentally-minded investors.

https://www.theautoblock.com/

Token sale details

A proposal for an automotive industry of the future

The long-term plan for The Auto Block is certainly ambitious. Its success partly hinges on the current innovative trends in the automotive industry, such as the widespread adaption of telematics devices, continuing. Naturally, it will require a sufficient amount of potential sellers to not only join the platform but also provide sufficient information for its data-driven model to achieve its full potential. Whether enough such stakeholders will be willing to take a chance on a new cryptocurrency remains to be seen.

But since The Auto Block offers a solution for some real problems and already has some ready products, perhaps it shouldn't be dismissed. If it is accepted then it may end up playing a progressively larger role within this market, becoming more valuable as its database expands and new participants join in. By assisting technological advances, The Auto Block could help prepare a new car ecosystem in which it will offer a key service.