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Europe’s First Car Financing on the Blockchain

Author:

Thorsten Meyer

Published:

Updated:

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Maximum data security and efficiency through Smart Contracts On Ethereum blockchain

The Auto1 FT has revolutionized automobile financing in Europe, establishing Auto1 FT as the first car financier to convert its entire ecosystem to this approach.

Europe’s First Car Financing on the Blockchain

FinTech Auto1 FT, now also a blockchain-based car financing company, is launching Europe’s first blockchain-supported car purchase. Blockchain technology will allow users to share their data securely with other parties without using any personal information like names or addresses. Fintech Autom1 offers digital financing options for the used automobile industry. The firm’s stated aim is to help employees in all areas of the mobility sector around the world access financing and assistance.

Blockchain-based Smart Contracts

Every document, file, and procedure concerning financed automobiles is henceforth to be conducted using smart contracts – from the moment a customer places an order for one. Every vehicle financed by Auto1 FT will now be provided with a smart contract based on the Ethereum blockchain.

Auto1 FT establishes a single contract for vehicle-related terms and conditions. Smart contracts are self-executing, digitally signed agreements between two people, organizations, machines, or anything else that can process information.

These smart contracts contain all information and procedures relevant to the vehicle, such as the checkbook and complete vehicle history, including payments and prior ownership. Auto1 FT is the first company in the sector to employ smart contracts, setting the stage for future growth.

About the author

Thorsten Meyer

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