There are only a handful of industries that continue to grow, regardless of the uncertain financial situations. One such sector is the automotive industry. The fact that 73.5 million cars were produced in 2017 and the sales are expected to rise to 81.5 million units in 2018 showcases the potential of the industry.
Not everyone invests in a new car. Instead, many opt for used vehicles or old models as well. However, here valuing the given car can get difficult. This is why the AutoBlock’s independent valuation system is considered to be a step in the right direction.
What is the AutoBlock’s independent valuation system?
The independent valuation system of the Autoblock works by using the blockchain technology to deliver data that is relevant to the valuation system. To get it to work, you will have to use the Autoblock valuation system, enter the model and type of car you want to know about. You will then be provided with extensive information about the mileage of the said car, its fuel emission, the damages it has endured and other relevant information you should know about.
The system can be used to find out about how long the used car is expected to last as well. Hence, the value that you get is likely to be more accurate than one delivered by any dealership.
How is this system beneficial to all?
Here are the primary ways an independent valuation system is beneficial:
No centralized control of the data
The problem with current valuation systems is that they use highly biased information. They are biased because they are controlled by a centralized data center. Only they can decide which data to add and when to modify it. However, the Autoblock uses a decentralized blockchain technology instead. This means that the data you have access to is not controlled by any centralized authority. This leads to better and more accurate data access.
Because of the decentralized and encrypted nature of the data, you can rest assured that the valuation system is not biased nor does it reflect a value that is more favorable to the seller or the buyer. Instead, the system uses all available information and reveal it all in its value, leading to enhanced transparency.
Based on local market
Some valuations systems are programmed to depict international prices. This might lead to you overestimating the value of the car and hence paying more. The AutoBlock’s valuation system makes sure this doesn’t happen. To do so, the valuation is country and region specific. Therefore, the price you will get will be competitive with the cars available in your state and region.
The AutoBlock’s valuation system is a breath of fresh air when you compare it to the other prevailing systems. Make use of it and find out its benefits yourself. This isn’t the only problem The Autoblock delivers a solution to. Instead, it also provides benefits regarding p2p lending, securing transactions and payments. Find more about the Autoblock and see which of its feature best suits your needs.