2 Crypto Startups Want to Put 10 Million Used Cars on a Blockchain

coindesk | February 25, 2019

2 Crypto Startups Want to Put 10 Million Used Cars on a Blockchain
Cryptocurrency non-profit, the Fusion Foundation, and the Automotive eXchange Platform (AXP) are joining forces to bring the U.S. second-hand car market and its insurance and financing to a blockchain. The first step in the partnership, according to a Monday announcement, is to integrate Fusion’s blockchain platform and digitize AXP’s current database of 10.5 million automobiles, so they can be properly tracked and audited.The auto industry has long struggled with a lack of transparency and widespread information inaccuracies from titles all the way through financing, said Max Kane CEO and co-founder of AXP, adding,“There’s a million vehicles on the road that have ‘washed’ titles, which means there is fraud there. The insurance industry is hit with billions in fraud because of missing information, drivers providing the wrong information and inaccurate reporting.” The AXP network encompasses some 25,000 independent car dealers across the U.S. and this extends to relationships with counterparties in finance and loan origination, Kane said.

Spotlight

Since the birth of the blockchain technology, "communitization of business and digitization of regulation" has become trendy. As a major technological innovation that is compared to the Internet, blockchain technology has been leading a new wave of economic and organizational revolution. The emergence of cryptocurrency has made full transparency and self-verification of assets and transactions possible. Token, as the certificate of encrypted digital rights that can be easily circulated, is expected to become the key to transforming existing relations of production.

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Spotlight

Since the birth of the blockchain technology, "communitization of business and digitization of regulation" has become trendy. As a major technological innovation that is compared to the Internet, blockchain technology has been leading a new wave of economic and organizational revolution. The emergence of cryptocurrency has made full transparency and self-verification of assets and transactions possible. Token, as the certificate of encrypted digital rights that can be easily circulated, is expected to become the key to transforming existing relations of production.