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Crypto Is Revolutionizing The Auto Industry! Here's How...
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July 13, 2021
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6:37Now PlayingCrypto and Blockchain technology are big in the investment market, but did you know they’re gaining significant traction in other industries, too, like the auto industry?
Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for crypto news today, and all things Bold.
Joining Philip Michael today is Joshua Taylor, the Chief Operating Officer of Carnomaly, who’s here to tell us all about how crypto/blockchain technology and the auto industry are connected.
Why hasn’t the auto industry changed much in the past few decades?
According to Joshua Taylor, the auto industry is really good at getting into a habit, and not wanting to break it. But with the continuous change in technology comes continuous opportunities, and from there Joshua has said that dealers are always very inclined to work with them in implementing blockchain technology.
Car sales are moving online, especially with moves made by Tesla for instance, and Carnomaly is here to help dealers make that move and integrate blockchain technology, as well.
Where does blockchain technology fit in the auto industry?
First off, blockchain with bitcoin and other crypto is a recorded ledger, and whatever is recorded on blockchain is unchangeable. All transactions can’t be altered once recorded on blockchain. The advantage of this for the automotive industry is how this can help with instances where people might rewind an odometer on a car before reselling.
Also to note, there’s no way for you to interact with your Carfax or vehicle history report. You can collect your vehicle history report once you purchase a car, but you can’t interact with it. Carnomaly helps assess this through C.A.R.R. which stands for Complete Automotive Records Repository. This is how through blockchain, all of your car’s history and data is stored and you can add to it with any maintenance, purchases, upgrades, etc.
To go even further, Carnomaly is looking at the possibility of adding NFT technology to what they create. Simply put, every NFT is unique, and every car has a unique VIN, or vehicle identification number. Through NFT technology, you can transfer ownership of your car from one owner to another through blockchain technology just like the transfer of NFT ownership.
What do you think of the possibility of the automotive industry and blockchain technology? Let us know in the comments below!
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