The AutoBlock – Revolution in the Automotive Industry

oc10pus (25)in #cryptocurrency • 6 years ago

Introduction:

The automotive industry which begins in the 1860s can be said to have played a major role in bringing about the advancement in civilization, globalization, and industrialization now seen in the world today and thus making it one of the oldest and highest revenues generating sector in the world today.

An online research shows that over a million automobiles are been used around the world for both personal and commercial purposes with over 15 vehicles manufacturing companies producing millions of cars to meet its ever-growing demand each year, but Overtime the demand for automobiles by individuals has been rocked with several challenges such as:

Currency conversion challenges when buying automobiles outside a particular region.
Cases of payment diversions by hackers during an online transaction with dealers.
Due to the poor usage/acceptance of cryptocurrencies as a mean of payment for major products and services has narrowed the alternative for payment to just fiat alone as in the case of vehicles purchase.
Poor access to accurate data of fairly used cars.

The AutoBlock is a blockchain product and service suite which is specially developed for the worldwide automotive industry. The idea for such a solution was born in the first quarter of 2017 when the founding members realized that though the motor market was significant, it lacked the essentials that made it safe, secure to access, and reliable.

Usíng the bƖockchaín technoƖogy aƖong wíth uníque and proven aƖgoríthms whích have been tested on tens of thousands of vehícƖes worƖdwíde,

The project generates a huge database of cars, which take into account all the data about the vehicle, from the state of the car and the history of the owners, to the verification of documents and assemblies. Such a thorough check will help users avoid fraud and purchase a quality legalized car.

To verify the car, a number of procedures have been developed, namely :

• Verification of VIN code and units

• Checking the technical condition of cars and documents

• Comparison of the car with a reference sample that meets the factory quality standards

• Check for fuel consumption, carbon dioxide emission, etc.

ICO Details:

• Token: AUTO;

• ICO price: 1 AUTO = 0.00025 ETH;

• Platform: Ethereum;

• Method of payment: ETH;

• Min. investment: 0.20 ETH;

• Softcap: 5,000 ETH;

• Hardcup: 40,000 ETH.

The key features of the Auto Coin are:

Intuitive POS handheld payment processing device
Ability to retain funds in Auto Coin or convert to fiat currency
Funds converted will be equal to the current Bitcoin rate of $ or £
Offers an X amount of rewards in the form of Auto Coin to those who adopt it in its early stages.