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AutoChain

https://magnitt.com/startups/undefined/AutoChain-

0 Followers
0 Followers

Company Information

UAE has an enormous market for buying and selling of used cars. The existing system for car dealing, however, has various drawbacks. Buying a car today is a long and inefficient process due to the lack of interconnectivity between the transport authority (for registration of the vehicle), the insurance company (applying for car insurance/transfer of insurance) and the buyer himself. Moreover, there is a lack of transparency and accessibility in the provided historical data of the vehicle leading to lower customer satisfaction.

Our product AutoChain provides a one-stop solution to all these problems and helps build a healthy and trustworthy relationship between the buyers and sellers. AutoChain is a decentralized application that is built on blockchain. Our main focus lies in creating an immutable, transparent ledger containing numerous kinds of data about the history of the vehicle. Such as previous owners, vehicle service history, past damage reports etc. Moreover, on account of the unique intrinsic nature of the Blockchain technology itself, all this data is completely secure and immune to any kind of illegitimate modification.

We deploy a smart contract that makes sure all the prerequisite criteria for the transaction are met before the actual transfer of funds take place. This includes car ownership transfer, inspection and insurance transfer.

Date Founded 12/2017

Primary Industry N/A

Founders 5

Team Members 1 - 10

Business type N/A

Development Stage Launch

Revenue generating No

Linked Institutions N/A

Demographics

Headquarter: United Arab Emirates (UAE)

Branches: United Arab Emirates (UAE)

Industries: N/A

Geographical focus: MENA, United Arab Emirates (UAE)

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