sgCarMart is starting up a Know-Your-Vehicle used vehicle data marketplace to assist consumers when looking up information about cars. Utilizing Ocean Protocol's data-sharing blockchain service to ensure security when sharing information and consumers will be able to make better choices when buying their cars.
"Currently, customers wanting to buy a used car will need to rely on information provided by the current owner or used car dealer. There will be a natural tendency to understate or not reveal defects of the vehicle," said Glenn Ong, General Manager of sgCarMart Quotz. "Buyers can rely on 3rd party inspection centres to do a check but matters like odometer tampering can still go undetected."
Buying a used car is common in Singapore as it is expensive to own a car. According to LTA 2018 figures, nearly 9,000 cars changed ownerships per month in Singapore. In addition, since there are significant environmental costs to both manufacturing a new automobile and scrapping an old car, a thriving used-car market can reduce vehicles' carbon impact on our environment. In fact, manufacturing makes up as much as 35 percent of a vehicle's lifetime carbon emissions. This means that every buyer who selects a used vehicle over a new one is helping to slow the build-up of greenhouse gases. However, it is important for consumers to choose used cars with good gas-mileage and lower emissions.
Another very important factor to get to "know your vehicle" is safety. Buyers should confirm details such as engine and chassis number, safety rating, past accident records, number of owners the car had, etc. before purchasing a used car. Unfortunately, the sources of these data are not always reliable.
By using Ocean Protocol, the origin of data and its trail can be established, recorded, and traced. Hence, sgCarMart's used car data marketplace can not only ensure buyers get up-to-date information about the used cars available in the market, but accurate and reliable ones.
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