Blockchain technology has the ability to fundamentally transform how companies and customers interact. The functionality that it provides can revolutionize whole industries, placing the customer at the center of a transaction process. It provides the opportunity to disrupt whole sections of the economy, removing wasteful and time-consuming processes. The value of a blockchain solution is generated through solving an immediate and difficult problem. This is most evident when it speeds up transaction times and obliterates wasteful and inefficient processes and procedures. These are often generated by middle men, banks, lawyers or other intermediaries. Traditionally, their role is to hold data, provide finance, add security and satisfy legislation, which although necessary, generate huge costs. These are then passed on to the customer or the seller has to absorb them reducing their profitability. Blockchain has the ability to remove these, without compromising security or functionality. We will clearly identify the problems that will be solved through autoXchange and explain why blockchain is fundamental to removing them in the automotive industry. We will show how our solution will have dramatic and profitable benefits for all the parties involved.
The car buying market is a very large and complex industry. For the buyer, they are frustrated by high costs generated by a financial services industry that has expensive and inefficient legacy infrastructure. They also pay fees (sometimes hidden) to intermediaries that add no value but have become engrained in the transaction process. The dealer also has significant barriers to overcome. Not only are they in a highly competitive market, but also incur expensive fees that detract from their profitability. The dealers are subject to high advertising costs, high sourcing costs, and their inventory is limited to available cashflow. All these problems are solved by the creation of autoXchange. autoXchange will provide an ecosystem & market place for Car purchasing, financing, and investing. By utilizing blockchain technology autoXchange will create and utilize the aXc decentralised ledger to facilitate the procurement process so that all sales are transparent and reduce unnecessary fees incurred during the purchase. It will cut out all advertising fees and no commission will be charged for any transactions.