The Singapore-based non-commercial blockchain startup Fusion Foundation and the American company Automotive eXchange Platform (AXP) are collaborating to develop a blockchain platform for selling cars.
It is reported that the first step in this direction will be the digitization and transfer to the blockchain of an already existing AXP database, in which more than ten million vehicles are listed. Using the blockchain platform of the machine, it will be possible to track and check their history.
As co-founder and head of AXP Max Kane noted, the automotive industry has long suffered from a lack of transparency and many inconsistencies in the data presented.
“There are a million cars on the road that are decorated using false data. The insurance industry is facing billions of scammers due to a lack of information and drivers who deliberately provide incorrect data, ” - said Kane.
John Liu, product director at Singapore-based Fusion Foundation, said that a pilot project involving 25,000 independent dealers in the AXP network has already been launched. Liu noted that the system will work in the first half of this year and will be able to manage automobile loans in the amount of $ 60 to $ 100 million.
At the end of last year, the IBM Institute for Business Value and Oxford Economics conducted a survey among the leaders of leading companies operating in the automotive sector. According to the survey, 62% of respondents believe that by 2021, the blockchain and distributed computer systems will become the dominant force in the industry.
It is reported that the first step in this direction will be the digitization and transfer to the blockchain of an already existing AXP database, in which more than ten million vehicles are listed. Using the blockchain platform of the machine, it will be possible to track and check their history.
As co-founder and head of AXP Max Kane noted, the automotive industry has long suffered from a lack of transparency and many inconsistencies in the data presented.
“There are a million cars on the road that are decorated using false data. The insurance industry is facing billions of scammers due to a lack of information and drivers who deliberately provide incorrect data, ” - said Kane.
John Liu, product director at Singapore-based Fusion Foundation, said that a pilot project involving 25,000 independent dealers in the AXP network has already been launched. Liu noted that the system will work in the first half of this year and will be able to manage automobile loans in the amount of $ 60 to $ 100 million.
At the end of last year, the IBM Institute for Business Value and Oxford Economics conducted a survey among the leaders of leading companies operating in the automotive sector. According to the survey, 62% of respondents believe that by 2021, the blockchain and distributed computer systems will become the dominant force in the industry.
