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.

Source: https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us