Today, blockchain data firm Ocean Protocol announced its partnership with used car site sgCarMart to build a secure data network. The Singaporean firms plan to release a consumer-facing verifiable ledger to store a used car’s history, the first of its kind for the nation.
Singapore has a thriving used car market, as ownership can be expensive. Today’s announcement claims that nearly 9,000 automobiles changed hands every month in 2018.
There is also the environmental impact to consider; building a new car creates significant carbon emissions, up to 35% of its lifetime footprint. This is partly why it is thought that the smart cities of the future will rely on hiring electric vehicles rather than owning.
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