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
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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