AutoXchange Smart Contracts Eliminate Need For Third Parties In Auto Industry

The digital economy is on the threshold of bringing in a complete transformation in the auto industry’s way of working. With the latest smart contracts blockchain-based models like AutoXchange being made available by technologists in the coming days, there will be no need for the buyers to consult a middleman for buying a car.

A data says that the automobile industry constitutes 15 percent of the overall global retail economy. But this massive industry is at present fragmented and struggling with multiple problems. It is because around 81 percent of people are reluctant to go through the buying process that is currently being followed by the industry and only 8 percent of customers consider salespeople in the field as trustworthy.

With almost 97 percent customers showing their inclination to purchasing research on the internet prior to booking the vehicle and 72 percent preferring to make the purchase online, it is high time that the industry does something to ensure that the demands of the customers are met successfully.

That is where AutoXchange can make a major difference to the auto industry by eliminating the need for middlemen and enabling direct interaction between the seller and the buyer on the blockchain platform. It will also cut down the brokerage or additional costs and inefficiencies currently haunting the industry, Forbesreported.

Some of the important features that AutoXchange will offer to the industry include diversity, convenience, and trust. Major industries are using blockchain technology to make the dealings more transparent. AutoXchange uses distributed ledger technology (DLT)-based solution to introduce smart contracts and other features due to which there is no need for lawyers, or banks or third parties for securing contracts or checking financial access.

Blockchain can help to streamline the manufacturing of car parts and assembling of vehicles in the auto industry with the help of readily accessible information infrastructure that it offers, Ultima Mediareported. Apart from that the smart contracts provide the option of storing up-to-date information and calculate actual expenses including tracking the time taken for assembling the series of cars and the workforce used.

The post AutoXchange Smart Contracts Eliminate Need For Third Parties In Auto Industry appeared first on OWLT Market.

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