Numerous companies and financial institutions aim to unlock the power of blockchain. JPMorgan has a very specific use case in mind that might affect the automobile industry.
It is interesting to note how banks are exploring the different opportunities ahead of them in the blockchain space today.
For JPMorgan, there is a chance to affect the automobile industry in a rather unique manner.
The company also specializes in providing wholesale car financing to car dealers throughout the United States.
Following a recent patent filing, it seems this concept will receive a blockchain-oriented makeover, of sorts.
For every vehicle being sold in the US, there is a unique VIN number attached to it.
By anchoring that data to a blockchain, it can streamline the way dealerships perform their inventories on a regular basis.
In the current format, it is still possible the same car is allocated to multiple loans due to confusion and human error.
With a blockchain, all of these concerns would be eliminated from the equation.
It is a different way of finding new practical applications for distributed ledgers, as those use cases have remained elusive in recent years.
As the number of vehicles sold in the US continues to surpass 15 million every year, there is a growing need for more streamlined inventory solutions.
It is a bit unclear which type of blockchain will be
utilized by JPMorgan in this regard.The company has helped develop the Quorum chain, albeit it seems unlikely this one will be used for this specific use case.
Plus Wallet Impresses with its Speedy 15-Min Token Listings While Coinbase Unveils AI Tool &…
BlockDAG Rolls Out Limited Time 100% Bonus For Community While Ethereum Price Looks Bullish &…
The 5 Best Crypto Wallets Worth Using in 2024 — Find Out Why Selecting a…
With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…
The meme coin market has recently been surging once again; tokens such as Pepe and…
The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…