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As the world moves towards a comprehensive digital economy, various industries are experiencing a paradigm shift in the way they operate. Just as blockchain has eliminated middlemen from transactions in various sectors, the same disruption is taking place in the auto industry.

The auto industry is massive

The auto industry is among the biggest revenue and employment generating industries in the world and accounts for 15% of the overall global retail economy. While it uses cutting edge technology in the vehicles it produces to make them safer and better; this industry has still been comparatively unreceptive to technological innovations in sales cycles. The current system involving many intermediaries in the process adds fees and commission incentives for car salesman that reduces productivity and customer satisfaction.

Automobile industry needs to be in sync with modern practices

The automobile industry needs to overhaul its sales processes, and the blockchain-based platform autoXchange is positioning itself to be the solution. At its core, autoXchange is an online platform for the purpose of buying automobiles online. It facilitates the process between buyer and seller, eliminating any third party involvement.

Buyer and seller can communicate with each other directly via the blockchain not only enhancing trust between the parties but also cutting down on expenses related to third parties and gatekeepers of information, like a lawyer or chartered accountant. Smart contracts include chains for every automobile listed on the platform, and these chains carry all pertinent information about the care, like ownership, finance, insurance, accident history, etc., providing complete transparency which is easily shareable and accessible.

The autoXchange marketplace will act as a shared industry resource on an open blockchain framework, and it is positioning itself to transform the way automobiles are purchased