Money, Cars & Blockchains
This article is part of the Advanced Blockchain AG blockchain blog.
Just about any financial transaction in the automotive world is about to get a DLT makeover. The ability to conduct real-time, peer-to-peer micro-transactions means that everything from charging fees, to parking tickets, infotainment, personalized insurance and monthly installments on your new car, will be made automatic and perfectly accurate.
Like most other verticals, automotive finance is slow to change. But large scale change is on the horizon, with cost reduction across the board, greater transparency and innovative services for automobile makers and owners just around the metaphorical corner. The world of finance is being taken apart and rebuilt brick by brick, and DLT is doing all the heavy lifting.
Of the roughly three million new car sales in Germany every year, two thirds are going to corporate customers. The same holds true for the many other regions in Europe. As a result, the market of preowned cars is seeing a considerable surge in interest. It’s an area where DLT could bring considerable change, both for sellers and buyers.
