Singapore Firm Unveils Blockchain-based Used Car Database

Asia Blockchain Review
July 23, 2019

In Singapore, online car marketplace sgCarMart and decentralized data-sharing ecosystem Ocean Protocol have jointly announced a partnership to introduce a data marketplace for used cars.

Unprecedented Access to Auto Data

According to a report by Cointelegraph, the joint press release revealed that the Know-Your-Vehicle used car marketplace will offer unprecedented access to data about the vehicles to industry stakeholders from buyers and dealers to auto brands.

On the platform, users will be able to share and view information about used vehicles in Singapore, where nearly 9,000 used cars were traded per month in 2018. Moreover, the platform will allow users to track the origin of vehicles.

Enhanced Transparency in the Pre-owned Car Industry

Meanwhile, Daryl Arnold, Founder of Ocean Protocol, revealed that the marketplace will gather data with the aim of providing more information to car owners and government agencies.

“Ocean Protocol provides companies with a platform to share and monetize data in a secure, traceable, and privacy-preserving manner. It allows data owners to retain control of data access and offers an incentive mechanism for companies to deploy, to collect quality data from their stakeholders,” Arnold said.

Last year, Ocean Protocol was a participant in the MOBI Grand Challenge tournament that called on developers to create a decentralized network for gathering vehicle data.

Elsewhere in the transport sector, blockchain is seeing other use cases as authorities in Austin, Texas announced the development of a transportation system that uses a single payment app. The project is being spearheaded by the city’s transportation department and the non-profit Iota Foundation.


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