Since its creation, blockchain has revolutionized the way data is used in business. What is blockchain technology? Its most obvious application is in the cryptocurrency market, where the technology is used as a digital ledger. But as more people begin to understand its potential, it is being applied to a range of industries to streamline performance: One such industry is the auto-dealer industry. Philip Michael of Bold Business sat down with Joshua Taylor, the COO of Carnomaly, to learn more.
How can blockchain help car dealers?
This sector is made up of thousands of dealers, many of which predominantly still do business the same way they have for decades. But since a growing proportion of vehicles are being sold online (pioneered by Tesla), the industry has been forced to adapt. Carnomaly believes that integrating blockchain technology into the business processes that auto-dealers use will be instrumental in the much-needed modernization of the industry.
Carnomaly, through its work with auto-dealers around the country, is working to ensure that owners of vehicles have much better access to their vehicles’ data. The technology will track data on the condition of cars to ensure that:
- The owner is able to track the condition of their car in real-time and update it when the car undergoes maintenance.
- Mileage scams, where people wind back the odometer to reduce a car’s mileage, will be impossible, as the mileage will be available through Carnomoly
Look for more innovation in blockchain tech.
The company has also been working with government partners to create the Car VIN, which is a unique ID, essentially an NFT, that owners transfer between each other when selling a car. This is one of the many applications for blockchain technology still in infancy. However, it’s clear to see that blockchain — if it’s not already — will soon be commonplace in almost every sector of the economy.