New product to ensure security, traceability, and privacy for customers with blockchain technology

FREMONT, CA: sgCarMart, the most populated automotive platform, has launched Singapore’s first Know-Your-Vehicle secondhand car data marketplace to support better decision making for customers. Ocean Protocol’s vivid progress in data sharing blockchain technology, with all the information related to the used cars, can now be accessed and shared to help the customers buy their right choice.

A drawback in purchasing the new automobile can be seen in its causing environmental harm in both manufacturing and scrapping of old car. According to LTA 2018, approximately 9,000 car owners change their ownerships per month in Singapore. It is normal in Singapore to buy a used car rather than buying a new one, since it’s expensive. An advantage of the used vehicle market is that it reduces the carbon emission as manufacturing makes up as high as 35 percent of the vehicle's lifespan carbon output. Along with this choice, the customer while selecting a used car is reducing the contribution to greenhouse gases. Furthermore, the customers should be aware of the gas mileage and lower emission of gases while choosing used cars.

Another key factor regarding "know your vehicle" is safety. Customers should be aware of the information such as engine and chassis number, safety rating, past accident records, and the number of owners the particular car had.

Through Ocean Protocol, all the data of the used cars can be tracked, established, recorded, and traced. The platform provides confidential services that ensure recent and updated information about the secondhand cars available in the industry.

By using Ocean Protocol’s blockchain platform, smart contracts, and tokens, the application enable safe and secured data sharing, guaranteeing control and audibility while protecting privacy of the firms. The platforms allow the enterprises to set pricing and trade data without losing control of the data assets. This provides the data holders and customers transparency, security, and guarantees of payment and use to the customers.

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Along with this, sgCarMart’s used car data marketplace promotes road safety by ensuring customers a secured road drive by making sure that consumer purchases the right vehicle for the road. Ocean Protocol enables a set of methods and models to the data, access it, and leave without publishing, unmasking or taking a copy, in turn, raising the privacy settings and ensures regulatory compliance. This will free up data to advance problem-solving artificial intelligence.

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