The main use case of blockchain is in smart contracts. The popularity and effectiveness of this digital contract led Auto1 FT to announce its plan to stop manual processing of car financing documents. Auto1 FT’s core business is providing financial solutions for car dealers.
This financial giant is famous for car financing. It is reported that the data on each financed car is stored under a blockchain smart contract.
A smart contract is a digital contract that is executed at a specific point in time, e.g. H. The contract is always triggered when a condition is met. In this case, the condition relates to subsidized cars and their life data.
Auto1 FT is Europe’s first auto financier to switch to blockchain
Auto1 FT is the first auto finance company in European history to adopt blockchain technology by transforming its entire ecosystem. This is a major challenge for the financier’s competitors, who also have to switch from manual paper file systems.
Taimur Andre Rashid is a current automotive financier medicine doctor. In a statement, the CEO said the inclusion of smart contracts would provide better security for the entire ecosystem. Efficiency will also increase as manual processes are replaced by automated systems.
He then explained that with the introduction of blockchain technology into the ecosystem, it would be easier to process documents without errors. Smart contracts will act as the brains of the entire ecosystem, storing everything from fees to credit ratings.
For Auto1 FT, this smart contract is based on the Ethereum blockchain, on which smart contracts are built “change-protected, immutable and transparent”. The entire documentation process is reduced to a single contract agreement.