Carnomaly brings transparency to the automotive industry
Over the years, car sales and management (for example, tracking a car’s history) have been difficult, and the use of centralized protocols has made it virtually impossible to set up management systems. and effective monitoring to this end. Notable reasons for this include trust issues, limited access to information from a global network of users, and lack of transparency, among others.
For example, it is quite difficult to access a detailed history of a car before making a purchase. As a result, car dealers have the majority in control and can easily control the market value to be to their advantage.
On the other hand, a consumer or buyer who does not know the full history of a vehicle cannot make an informed decision about a potential purchase.
Today, after many years of no significant effort to address these major challenges, Carnomaly, a decentralized protocol for buying, selling and owning cars, has emerged to provide a lasting solution to these various challenges.
In an exclusive interview with DailyCoin, Josh Taylor, COO at Carnomaly, discussed the startup’s efforts to empower consumers by bringing transparency to the auto industry.
Before we go into details, Carnomaly is a blockchain-based startup that offers a wide range of blockchain solutions, including providing auto loans, selling and buying cars. In addition, Carnomaly offers all the advantages of blockchain, such as accessibility, security and transparency, which makes it even more unique.
“The carnomaly gives power to people”
At the start of the interview, Taylor explained how very difficult it is for people to have a documented history that can be assessed or probed. According to him, existing alternatives such as Carfax reports, although they claim to provide vehicle history reports for individuals and businesses, do not allow people to interact with them.
In Taylor’s words;
“People get a Carfax, they get a history report on their vehicle, but they can’t interact with it in any way except pay for it and see what’s in it.” In an attempt to correct this apparent shortcoming, Carnomaly has decided to host a similar reporting / tracking system on the blockchain, a system that empowers the consumer. For example, people can seamlessly download details of their car’s periodic maintenance and other relevant information, such as whether a part or component of the vehicle has been replaced, or whether an accident has occurred, resulting in repairs.
By putting the power in the hands of the consumer, Carnomaly is not only able to establish transparency between resellers and consumers, but also to introduce a fair pricing and evaluation system.
According to Taylor, a major problem in the auto industry is that the dealerships are in control; they control and set prices, and although consumers do their best to be persuasive, it is often not a fair or pleasant experience.
“So what we’re trying to do is make sure that not only consumers but also dealers have more transparency about the vehicles entering, so that they can offer fair trade and the person who bringing their vehicle feels like they’re getting a fair price for the vehicle they’ve serviced, ”Taylor explained.
In Taylor’s words, by putting consumers in charge, Carnomaly is able to “bring power back to the people”.
Carnomaly will bring transparency to the automotive industry
One of Carnomaly’s main goals is to bring transparency to the automotive industry, and it is able to achieve this by ensuring that all stakeholders are involved in the process of collecting and managing data. from start to finish.
As stated earlier, a car owner can provide details of the maintenance performed on a vehicle by uploading each instance to the decentralized protocol. On the other hand, a potential buyer can go through the history of the vehicle, which has thus been made public, and decide what the actual value of the vehicle should be, while also agreeing with the dealer or the owner himself.
“When you go to buy a vehicle, you can see how many kilometers it has. You can see where it was driven, how many owners, if there were any accidents, but you can’t see what was put in the vehicle, what fluids they used, what filters, etc. Taylor noted.
By offering all stakeholders unfiltered access to data, Carnomaly is able to facilitate truly decentralized and transparent automotive sales and management.
People are encouraged to download their car history
Getting people to share their vehicle history isn’t easy either, as it could work against them in some cases. For example, in situations where modifications to a vehicle could reduce its resale value, some owners would generally decide not to disclose this information. So how does Carnomaly plan to solve this problem?
Incentives! This is exactly how Carnmaly plans to get people to download all the necessary information on their vehicles. The decentralized protocol therefore rewards car owners for their honesty.
“You will be able to create a membership using a membership portal. Then every time you do a service on your vehicle, you open the app, scan your VIN, fill in how many kilometers it has, and then report the service you did. Uploading your receipts and other relevant documents earns you a 10% reward on all of your maintenance, ”Taylor explained.
Once the data is provided, the engineering team behind the decentralized protocol proceeds to review and verify the authenticity of the submitted data.
Ultimately, Carnomaly wishes to establish a new standard for the automotive industry, decentralized, secure and transparent.
On the reverse
- Carnomaly is a brand new solution, which implies that it is a floating project with a lot of development still underway. It comes with the territory. That said, it may take a little longer than expected for the project to be ready to go.
- As a new project, Carnomaly will have to deal with both native regulations, as well as those of the DeFi space as a hybrid link in space.
Why should you care?
The demand for used vehicles is generally higher than that for new vehicles, by at least a 65:35 ratio, implying that more people are likely to buy cars at a price and in unfair conditions. By leveraging Carnomaly’s blockchain solution, more people will be able to make informed decisions before purchasing vehicles.
Watch the full interview here:
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