Representatives of one of the largest financial holdings in the United States, JPMorgan, said they would soon be using blockchain technology to track automobile inventory.
Based on the information received, we learned that the department for issuing loans for the wholesale purchase of cars has already filed a new patent. This application talks about a lending scheme based on blockchain technology. The fact is that each car has its own unique identification number, which will be entered in a distributed registry, this will greatly simplify the process of checking them.
The latest data inform, more than 17 million new cars are sold every year in the United States, and including used cars, this figure increases several times. Loans amount to billions of dollars. Therefore, car tracking in the blockchain will greatly simplify and optimize the work, as well as eliminate the possibility of fraud.