It is very common to find yourself in a problem due to the purchase of a used car. The used-car market is filled with cars with rolled-over odometers and other impairments. These hidden problems, along with varying prices, make it incredibly difficult to know what is a good deal.
Now one of globe’s leading auto-mobile giants Mercedes-Benz is utilising blockchain technology to tap into the potential of China’s used car market. In China, Beijing’s used car market alone is a billion-dollar market that has much potential that remains untapped due to risks of scams and frauds.
The Beijing Mercedes-Benz Sales Service Company (BMBS) is utilising blockchain solution known as “Vehicle Residual Value Management Platform” for used cars in Beijing market. The platform was developed by PlatON, a company that focuses on privacy-protecting products.
The platform used by BMBS allows one to store data about a car’s life-cycle that provides accurate details to potential buyers. This increases the trust between the buyers and sellers and is expected to bring revolution to the secondary auto market in China’s capital.
Although the platform was developed for use by BMBS, it will be available to all relevant parties including car dealers, buyers as well as inspection agencies. The platform will boost morale in the ecosystem while protecting sensitive information about all parties involved.
The collaboration was a result of PlatON’s participation ins Startup Autobahn 3 through which PlatON gained the ability to develop promising blockchain products for the auto industry.
Mercedes-Benz is not totally new to blockchain technology as it has already collaborated with Icertis. The collaboration was meant to develop a solution that could ensure consistent documentation of parties involved across their supply chain.