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Singapore's SgCarMart To Use Blockchain For Used Car Data

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Singapore's online car marketplace sgCarMart has teamed up with Ocean Protocol to develop a blockchain-powered Know-Your-Vehicle used car data marketplace. The marketplace will provide customers comprehensive, secure and traceable information of a used car.

Singaporeans generally opt for a used car instead of a highly expensive new car. In this scenario, it is important to provide customers with adequate reliable data about a used vehicle, which can be scarce.

sgCarMart is building Singapore's first Know-Your-Vehicle data marketplace, powered by Ocean Protocol, to empowering car buyers to make better decisions.

Buyers can confirm details such as engine and chassis number, safety rating, past accident records, number of owners the car had, etc. before purchasing a used car.

Ocean Protocol uses blockchain technology to connect data providers and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved. It also uses smart contracts, and tokens to enable safe and secure sharing of data, guaranteeing control and auditability while protecting privacy.

Ocean Protocol will provide an ecosystem for data and related services. The platform can be used to share and monetize data using tokens.

sgCarMart's used car data marketplace will provide buyers up-to-date information about the used car that can now be securely shared and accessed to ensure consumers purchase cars fit for the road. The data collection will also encourage car owners to better maintain their cars to maximize resale value.

Buyers currently have to be satisfied with the vehicle records provided by the current owner or used car dealer. It is also a natural tendency for them to understate or not reveal defects of the vehicle. The maximum buyers can do is to rely on third party inspection centers to do a check-up, but it has limitations.

According to Land Transport Authority 2018 figures, nearly 9,000 cars changed ownerships per month in Singapore.

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