Ocean Protocol’s blockchain technology to aid used car buying

Ocean Protocol shared the announcement on 05 July about sgCarMart launching Singapore’s first Know-Your-Vehicle used car data to aid consumers to make better choices.

Ocean Protocol added that by leveraging its state-of-the-art data sharing blockchain technology, detailed information about a used car could be accessed. Ocean Protocol noted that availability to such handy data would help customers make more tangible and accurate decisions. Glenn Ong, General Manager of sgCarMart highlighted the current inhibitions in the used car space. Customers had to rely on users or dealers who could potentially understate defects.

Glenn Ong further added – 

“We are pleased to unlock used car data so that consumers can make better and safer buying decisions. In future, we hope to leverage these data further to help industries and the government to advance products and services as well as a greener and more efficient future for the people in Singapore.”

Ocean Protocol sustained by adding that buying used cars in Singapore was common since owning one was expensive. The blockchain firm quoted a number stating nearly 9000 car owners changed ownership every month in Singapore. Ocean Protocol also added to the environmental effects as a result of manufacturing a new car or scrapping an existing one. Ocean Protocol asserted that thriving used car industry would reduce carbon footprint.

ocean protocol noted that by leveraging its state-of-the-art data sharing blockchain technology, detailed information about a used car could be accessed.

Ocean Protocol further indicated that manufacturing a car almost amounts to almost 35% of the vehicle’s carbon emissions. The blockchain firm revealed that a user who prefers to own a used car rather than buying a new one indirectly contributes to the mitigation of greenhouse gases. Ocean Protocol, however, added a word of caution indicating that users had to go for cars with good mileage and lower emissions.

In April, Ocean Protocol announced the launch of its beta network. Ocean’s beta network facilitates for a series of private and public partnerships from the research, insurance, retail, and healthcare sectors to deploy their Proof of Concept (POC) solutions on the blockchain-enabled data-sharing platform. Existing partners include Aviva, Unilever, Johnson & Johnson, and Roche, aiming to use Ocean Protocol to set standards.

Ocean Protocol expressed that by using blockchain, smart contracts, and tokens, this would enable secure sharing of data. The blockchain firm also indicated the benefit of guaranteed control and auditability. Ocean Protocol noted that organizations could set pricing and trade data without compromising on total control. The availability of smart contracts allows data owners to program the conditions of access which are executed at the apt moment.