sgCarMart, a Singapore-based online car marketplace, has announced that they will be using the Ocean Protocol to create a new blockchain based platform that will provide detailed information to customers about their used car.
The platform, which will be called the “Know-Your-Vehicle” data marketplace, will supply consumers with a secure way of both sharing and accessing information about used vehicles in Singapore. This is a country where about 9000 cars change hands each month, and this new platform will ensure that consumers have the most up-to-date information about vehicles before they purchase them.
This information is seen as invaluable in helping customers to make a more objective decision about buying a used car. They will know detailed history, including maintenance, sales, and accidents that may have occurred.
“Currently, customers wanting to buy a used car will need to rely on information provided by the current owner or used car dealer. There will be a natural tendency to understate or not reveal defects of the vehicle,” explained Glenn Ong, general manager of sgCarMart Quotz. He added, “Buyers can rely on 3rd party inspection centers to do a check but matters like odometer tampering can still go undetected.”
It is quite common for people to own used cars in Singapore because of how expensive it is to be able to own and operate a vehicle. In addition, because of environmental factors related to the manufacture of new vehicles, as well as the scrapping of old, many have turned to purchasing used cars as a way to reduce pollution. Since the manufacturing of a vehicle makes up about 35% of its lifetime carbon footprint, buying used makes a lot of sense to those concerned about the environment.
However, there is a growing concern about the safety and efficiency of used vehicles. Consumers are concerned about being cheated, and this new platform will help them to be able to access detailed information about the vehicle, allowing them to make an intelligent decision. The truth is that the data is available, it just needs a central place for customers to be able to access it. This is what Ocean Protocol is hoping to provide.
“Data is everywhere but a vast amount of it is currently locked up due to friction surrounding data sharing. 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,” said Daryl Arnold, founder of Ocean Protocol.
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