The Auto Block eyes new leasing currency

August 09, 2018
Chris Wheal

London-based crypto payments player The Auto Block is making plans for a proprietary currency, AutoCoin, to enable blockchain-based lease contracts. Any dealer taking part can opt to convert the currency to sterling. AutoCoin will likely launch in September at $0.25 per coin.

David White, chief operating officer of The Auto Block, told Verdict that crypto fluctuation worries would be addressed by automated monthly sterling payments tied to a 1% transaction fee, soothing volatility swings. 

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The Auto Block already takes bitcoin, litecoin and ethereum payments.

Car industry reliant on monopolised data?

The Auto Block says it also wants to use blockchain for more accurate car trade data and valuations. “The Blockchain technology used to gather the real-time valuations with the help of live data will result in a rich database of all vehicle specifications which exist throughout the world,” it says. 

Auto Block criticises much of the car industry for relying on monopolised data and valuations “that at best are subject to external influences and manipulation on valuations and at worst are unavailable in detail to the public [data]”.

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“Outdated”

It goes on: “The outdated infrastructure upon which these essential existing industry standard tools are built is actively impeding natural growth, particularly in the field of new vehicle sales in developing markets.”

Harnessing this data, Auto Block believes, may shake up how insurance companies, auctioneers, law enforcement and national car registries control and deploy this information.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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