Blockchain
Smart contracts: FinTech Auto1 FT launches Europe’s first car financing on blockchain
- Smart contracts on Ethereum replace paper and manual procedures
- Mobility industry benefits from faster, more efficient and safer processing and documentation of vehicle financing
- Significant step taken towards complete digital mapping of vehicles
Berlin, 07/10/2021. Auto1 FT, the leading financial partner of the automotive industry, is eliminating all manual input and paper processes in its core business, car financing: All documents, files and processes relating to financed cars are henceforth to be based on smart contracts – to span the entire life cycle of the vehicles. Auto1 FT is thus the first car financer in Europe to convert its entire ecosystem to this method. Every vehicle financed by Auto1 FT will now receive a smart contract based on the Ethereum blockchain.
Maximum data security and efficiency through smart contracts
Auto1 FT Managing Director Taimur André Rashid says: “Our digital solution brings enormous efficiency benefits for car dealers and is setting new standards in the mobility industry.” Using smart contracts reduces the total expenditure and documentation involved in financing a car to a minimum. The increased data security alongside faster and cheaper applications ensures high efficiency. Errors or confusion are virtually impossible thanks to the blockchain. Acting in the background are smart contracts, containing central information and data points concerning the entire life cycle of the vehicle: payment modalities, calculations, fees and the all-important credit scoring. The effect: more service and security for car dealers, while retaining the same user interface and general procedure.
Smart contracts automatically generate legally binding agreements – free of human intervention. In the case of Auto1 FT, they run on the basis of Ethereum, the only blockchain technology that currently allows and enables such functions to this professional extent. Nuno Vaz, Head of Information Technology, adds: “Smart contracts are based on the outstanding properties of blockchain: they are tamper-proof, unalterable and transparent, and are verified by the community. This is what makes them so valuable for our purposes.”
Smart contracts pave the way to complete digitisation and new partners
Through smart contracts, Auto1 FT provides all vehicle-related contractual details in a single agreement. These smart contracts contain all information and processes related to the vehicle, such as the chequebook and a comprehensive vehicle history, including payments and previous ownership. The introduction of smart contracts is just the beginning for Auto1 FT, enabling the company to expand the digital value chain. Rashid comments: “In addition to new business areas that we can open up more easily with our digital processes, we’re planning through their use to work together with innovative platforms that have established themselves, such as in Frankfurt, for example.”
About Auto1 FT
Auto1 Fintech offers fast and easy digital financing solutions for the used car market. The company’s declared goal is the innovative financing and support of all areas of the mobility industry worldwide. Auto1 FT was founded at the end of 2017 and currently operates in Germany and France, with headquarters in Berlin and Amsterdam. With the know-how, experience and economic strength of its investors and partners, the FinTech is targeting further international expansion and innovation leadership. For more information, visit: https://auto1-ft.com/
Press contact Auto1 FT
Matthias Alkier
Director of Marketing, Sales & Account Management
tel.: +49 176 2458 1196
e-mail: [email protected]
Source: RealWire
Blockchain
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Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
The post Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users appeared first on News, Events, Advertising Options.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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