Automotive industry financial partner firm Auto1 FT has become the first European company to enable financing purchase of vehicles while leveraging the Ethereum smart contracts.
In a press statement, the Germany-based firm noted that the move aims to eliminate all the paperwork in facilitating its core business of car financing.
The smart contracts will be used across the entire life cycle of the financing process. Auto1 FT also seeks to cut costs and errors due to the tamper-proof nature and enhanced transparency of the blockchain technology.
“Our digital solution brings enormous efficiency benefits for car dealers and is setting new standards in the mobility industry. Using smart contracts reduces the total expenditure and documentation involved in financing a car to a minimum. The increased data security alongside faster and cheaper applications ensures high efficiency. Errors or confusion are virtually impossible thanks to the blockchain,” said Auto1 FT Managing Director Taimur André Rashid.
