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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.

2016-09-02 00:16:20| AutomotiveDigest.com - Automotive Industry News

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. ______________________________________________________________ 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.

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