SITUATION:
Blockchain Tech to be Auto Lending Game Changer: Mashes up cryptography & peer-to-peer networking.
Creates a shared database of transactions & other information.
A blockchain is an ever-lengthening chain of blocks of data.
Toyota Financial Services has used Blockchain & smart contracts.
Delinquent auto loans automatically transfer ownership & loanee cant use the car.
All parties to know all about auto loans, rates, apps, stips, & fine print.
SIGNIFICANCE:
Blockchain could reduce need for businesses to organize as companies.
Collaborators will work together as free agents instead of under bosses.
Blockchain could replace bankers, accountants, & lawyers, escrow accounts, insurance, & verification of payments & performance of contracts.
Truth-telling feature of Blockchain makes it enormously useful to banks.
Ethereum, goes beyond ledger function; Works more like Google Docsshares SW that can be used by all but is tamperproof.
Start getting up to speed on BlockChain with an in-depth Bloomberg article.
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The Article Truth-Telling in Auto Lending is Coming: Blockchain Technology & Smart Contracts May Replace Your Auto Finance Guy, Controller, & Maybe F&I & Floor Planning at the Dealership. appeared first on Automotive Digest.