The blockchain data firm Ocean Protocol and one of the largest automotive site of Singapore sgCarMart have announced their partnership to build a secure data network, i.e., they are announcing ‘Know-Your-Vehicle’ (KYV) data marketplace on July 5 in a press release.
The KYV blockchain solution aims in providing detailed information about a used car. This detailed information can be shared and accessed easily that will help the users or the consumers in making their decisions before buying a car.
These days buying a used car is very common, and not everyone can afford a brand new car. Due to which we can see the change in ownership of the cars keeps changing frequently and when a consumer decides to buy a used car, the person has to believe in the information provided by its current owner only. And there is always a chance that the owner might hide the defaults and defects of the car with the sole purpose of selling it. Also, another critical factor for the buyer is to check for safety, i.e., details of the engine, chassis number, past accident records, etc. With KYV blockchain solution, it becomes effortless to get all the details and also to trust it due to the transparency.
The founder of Ocean Protocol, Daryl Arnold, said, “Data is everywhere, but a vast amount of it is currently locked up due to friction surrounding data sharing. Ocean Protocol provides companies with a platform to share and monetize data in a secure, traceable, and privacy-preserving manner. It allows data owners to retain control of data access and offers an incentive mechanism for companies to deploy, to collect quality data from their stakeholders.”
Ocean Protocol is the data exchange protocol the unlocks the data for AI. It uses blockchain technology, smart contracts, and tokens to enable safe and secure sharing of data, guaranteeing control while protecting the privacy of the data.
The General Manager of sgCarMart, Glenn One adds, “We are pleased to unlock used car data so that consumers can make better and safer buying decisions. In the future, we hope to leverage these data further to help industries and the government to advance products and services as well as a greener and more efficient future for the people in Singapore,”.
sgCarMart.com is one of the largest sites in Singapore to buy new and used cars. The site is viral and attracts around 2 million visitors every month. Also, the site has been awarded the ‘Most Popular Automotive Site’ for six years running by Hitwise.