The AutoBlock offers a set of unique solutions that work under the concept of the blockchain technology. The AutoBlock’s focus is to provide tools to the automotive sector that will make transactions faster with a dedicated cryptocurrency named the AutoCoin, a reliable platform where both buyers and sellers can evaluate their cars, and a system that’s reliable.
The AutoBlock has three main categories where it functions
- Financial transactions with cryptocurrency
- An independent valuations system
- Easy access to vehicle specs data
The idea for the AutoBlock was thought of by the founder, Mustansar Iqbal, in the first quarter of 2017. Mustansar was later joined by Mohamed Ezeldin, the co-founder of the company, and this is also when the proof of concept was proposed.
The second quarter of 2017 was dedicated to research and development where the team pinpointed some of the most common problems in the automotive industry’s system. Among other, the motor market was falling behind in adopting blockchain and cryptocurrency, and both buyers and sellers wanted to a solution that could help them make transactions with digital money. This was when the idea for the AutoCoin was born.
In the third quarter of the same year, the company started initial development, and a whitepaper was started which outlined all of the problems that the AutoBlock’s solutions would solve. During that same time, the company started to gather car data so the system could not only be reliable but also be rich in information.
By the end of 2017 and the beginning of 2018, the AutoBlock had already set up a regional office in London and had gathered data of more than 30+ million vehicles. The ICO was also launched during that same time, and the initiative started seed round funding which opened ground for even more investments.
The AutoCoin, along with the other tools offered by the AutoBlock is designed to eliminate the automotive industry’s reliance on fiat currency and a biased system. With these solutions, people all over the world can not only perform transactions much more quickly but will also be able to access a system that entirely fair and impartial.
Today, the AutoCoin is the first cryptocurrency that’s ready to be used by those in the automotive industry.
The Idea behind the AutoBlock was to make things simpler and more transparent for buyers and sellers in the automotive industry. With the help of the AutoCoin, users can make payments between themselves using the safe and secure method of the blockchain technology. Because blockchain is an open and distributed ledger which warrants trust and reliability between each member, no one party has everything to gain. Instead of having a system where retailers and buyers are the only ones at the benefit, the AutoBlock gives sellers the chance to value their car according to its worth.
Features of the AutoBlock
The AutoBlock functions under the characteristics of the blockchain technology which offers users the chance to benefit from a distributed ledger. The unique necessities of the automotive industry align perfectly with the concept of a shared system, and this is why the AutoBlock’s solutions offer security, safety, and efficiency.
The three key features of the AutoBlock are:
The AutoCoin is the automotive industry’s first cryptocurrency. With the AutoCoin, users can buy or sell their car using the digital currency and make transactions a lot quicker and efficient. Instead of having to spend days waiting for the bank to respond and for processes to go through, users can be done with the deal within a matter of minutes. The AutoCoin also offers insurance companies, leasing companies, and car dealers the opportunity to get on top of seller’s list because they will be thought of as vendors that adapt to the latest technologies.
An independent valuation system
The current automotive industry has a big flaw in its system. It is biased to the car retailer, and this results in sellers who sell their car for as little as half its worth and buyers who take advantage of their position With the AutoBlock’s independent valuation system.
Vehicle specs data/car history
Buyers often face the challenge of not getting appropriate car history when they look into purchasing a new vehicle. The AutoBlock’s vehicle specs data and car history system give users the ‘live version’ of the car. It tells them about everything since it was developed when it is being sold. This means that instead of relying on the seller’s word, buyers can check worldwide comparisons, so the trade is beneficial for both the parties.
Key benefits of the AutoBlock
- The AutoBlock and AutoCoin are powered by the blockchain technology which makes them secure and reliable. AutoCoin transactions can neither be falsified neither duplicated and are the safest option to invest in the automotive industry.
- Sellers no longer need to rely on the buyer’s or retailer’s evaluation of their car but can instead access the p2p platform which evaluates their vehicle without bias. This gives all parties that chance to deal fairly and without prejudice.
- Offers users the chance to access live and current information so they can make better decisions. Also gives them the opportunity to compare car specifications from all over the world for best results and trades.