sgCarMart: Trust in the used car market with “Know-Your-Vehicle” marketplace

Blockchain technology is particularly suitable for industrial areas where trust is necessary. This is particularly important when buying a used car, because a car is a major financial burden for a large part of the population. That is why it is all the more important to be able to rely on the seller. But especially on the used car market, people often lie about the condition of the car. In contrast, sgCarMart wants to fight with a so-called "Know-Your-Vehicle" marketplace.

9.000 used cars change hands in Singapore every month

Estimates the German police have shown that the Mileage at approx 30 Prozent the used cars (this corresponds to almost 2 million used cars) that change hands every year in Germany, manipulated is. This represents an enormous one for buyers of a used car price disadvantage when buying. There are also risks because the actual condition of the car is more difficult to estimate and some repairs may be overdue.

Against such and other attempts to defraud sgCarMart, the number 1 Platform for used cars from Singapore with more than 2 million monthly visitors, using the blockchain. In Cooperation with Ocean Protocol, A decentralized data exchange protocol for the provision of data for AI is a so-called "Know-Your-Vehicle" Data marketplace launched. The confidential data on used cars provided on it is intended to help buyers to make objective and better decisions.

Glenn Ong, General Manger at sgCarMart, sees it biggest problem in being the seller trust unconditionally got to:

Currently, customers who want to buy a used car have to rely on the information of the owner or the dealer. However, there will always be a tendency not to disclose damage and defects or to make them less problematic than they actually are. 

According to the press release it is common in Singapore to buy a used car - because new cars are often not affordable. So have in years In 2018, almost 9.000 used cars changed hands every month. The following information is essential when buying a used car:

  • Details about the engine
  • Chassis number
  • Security assessment
  • Accident record
  • Number of owners

Unfortunately, the sources are for this Data not always reliable. By using the Ocean Protocol, the origin of the data can be determined, recorded and tracked. The Know-Your-Vehicle data marketplace is intended to help car owners maintain their car better and the Resale value zu maximize. At the same time, the Security on the streets of Singapore elevated.



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