Berlin-based Auto1 FT (Auto1 Fintech) says it has created a platform to replace paper documents with blockchain for the auto financing process. Auto1 is in the business of providing fast financing for a vehicle purchase.
In a release, Auto1 FT claims to be the first car financer in Europe to convert its entire ecosystem to a distributed ledger management system as every vehicle financed by Auto1 FT will now receive a smart contract based on the Ethereum blockchain.
Maximum data security and efficiency through smart contracts
Taimur André Rashid, Auto1 FT Managing Director says their digital solution brings efficiency benefits for car dealers and is setting a new standard with better document management, increased security and a less expensive process.
Smart contracts are automatically generating legally binding agreements.
Nuno Vaz, Head of Information Technology, commented:
“Smart contracts are based on the outstanding properties of blockchain: they are tamper-proof, unalterable and transparent, and are verified by the community. This is what makes them so valuable for our purposes.”
Auto1 FT was founded at the end of 2017 and currently operates in Germany and France, with headquarters in Berlin and Amsterdam.