ChinaTechNews reports on April 4 that German auto dealers are using the Ethereum blockchain to get around bank bureaucracy, speeding up dealer credit applications.
German car dealers and distributors have found a new use for blockchains – acquiring and financing their customers quickly and with less paperwork than traditional bank loans.
Using Ethereum smart contracts – computer protocols that facilitate, verify or enforce the negotiation of an agreement – dealerships can provide their clients with immediate access to fiat currencies through dealer credit applications.
But this family-owned dealership has embraced the blockchain by incorporating cryptocurrency into its auto finance services. The result? Shortening closing times on car loans using virtual money that’s seen a 1,400 per cent rise in value since January 2017.
Continue reading… “Blockchain and Smart Contracts Have German Auto Dealers on the Fast Track to Financing”
