Auto1 FT Will Use The Ethereum Blockchain for Vehicle Sales

Auto1 FT will use the Ethereum blockchain for vehicle sales. Auto1 FT provides financial solutions for auto dealers.

Providing financial solutions for auto dealers, Auto1 FT has become the first European company to use Ethereum smart contracts for car purchases. According to a press release, the Germany-based firm said it aims to eliminate all paperwork by using blockchain technology to facilitate vehicle financing. Stating that smart contracts will be used in the entire financial process of a sold car, Auto1 FT also aims to minimize costs and errors due to the secure structure and transparency of blockchain technology. Taimur André Rashid, Managing Director of Auto1 FT, said: “With our new Digital solution, it provides good efficiency for auto dealers. We think we will set new standards in the automotive industry. Together with smart contracts, it will minimize the total spend and documents related to the financing of a sold vehicle. Transactions are faster and cheaper thanks to blockchain technology. It can also provide queue security.” Also, Rashid thinks that thanks to the blockchain, mistakes or confusion would be nearly impossible.

What is Auto1 FT?

Auto1 FT can be defined as a firm that provides financial solutions for auto dealers. It is possible to say that the aim of the company, which provides solutions in a more digital environment, is to make automobile financing simple, fast and above all digital in both B2B and B2C sectors.