Used Car Dealers in Malaysia Turn to Blockchain, IoT to Manage Inventories

Asia Blockchain Review
June 27, 2019

The Federation of Motor and Credit Companies Association of Malaysia (FMCCAM) has revealed that to promote transparency in the used car business, dealers have implemented blockchain solutions and the Internet of Things (IoT) in order to keep track of their inventory.

Transforming the Used Car Business with IoT

FMCCAM President Datuk Tony Khor Chong Boon revealed that the association is set to launch an IoT platform that will consolidate inventories from registered used car dealerships across Malaysia.

According to the Malaysian Reserve, the database will let car dealers track information within their networks, which is expected to boost sales and raise consumer confidence in the market.

“[Car dealers] can straight away know whether the specific model requested by customers is available or not in their own or other members’ inventories,” Datuk Tony explained.

He said this platform will transform the second-hand car business and offer transparency and efficiency for all stakeholders in the industry.

New Technology Gives Second-hand Car Industry a Second Wind

Datuk Tony stated that the FMCCAM will launch the platform by the end of 2019.

Moreover, the Association has plans to introduce its own online channel to advertise used cars. The used cars on sale will be those that have received certification from the FMCCAM. Car buyers will have access to data such as mileage, registration year, and car condition.

According to the FMCCAM President, the Association has projected annual sales in the used car segment to double to 800,000 within five years.

Source: https://themalaysianreserve.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
    Infinito: Heralding the Rise of Digital Wallets in SEA
    Infinito, a digital wallet operator in SEA, is in a prime position to capitalize on the impending ri...

    February 26, 2020

    Earn while You Sleep with Crypto Staking
    As the crypto-driven revolution continues to take the financial world by storm, the crypto sector ha...

    February 25, 2020

    pitchIN: Leading the Way for Crowdfunding in Malaysia
    When it comes to the crowdfunding space in SEA, a name which rings a bell with most industry players...

    February 18, 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