Short description
ENGINE Automotive Industry First Chain. We are committed to being a leading global blockchain technology company. What we need to do is to use blockchain as a core technology to build a robust and dynamic automotive data ecosystem, and to exert the power of the entire society to maintain data, reduce the data cost effectively while solving data ownership and improving the efficiency, and enable global users to share and access data on an equal footing.
Abstract
Automobile is an important means of transportation for human beings. The safety, value preservation and disposal of the automobiles are related to the vital interests of owners. According to the statistics of the International Organization of Motor Vehicle Manufacturers and the Association of Automobile Manufactures, the current global car ownership has exceeded 1.2 billion, and various sub-sectors such as auto finance, transaction, repair, and maintenance are all trillion-level market. For automobile manufacturers, service providers, and insurance companies, the vehicle data, vehicle conditions, and estimated value can be accurately quantified; however, for the average car owner, the car is a complex mechanical construct, the vehicle value assessment and vehicle condition analysis are not just time-consuming but cannot yield accurate conclusions. This is also a typical feature of the “lemon market”. Information asymmetry, vehicle information arbitrarily tampered with, and the lack of credibility of vehicle value assessment agencies are the most typical characteristic of the “centralization” of the current car industry and the biggest bottleneck encountered in the development of the industry. Under the premise of integrating the strongest data resources in the car industry, the automotive big data ecology built by Engine through blockchain technology can create an unchangeable lifetime digital file for each car. Based on this file, Engine can build a more just, transparent and decentralized automobile big data sharing ecology, thus providing consumers with common chain services such as car data query, vehicle condition tracking, value assessment, automotive finance and other sub-domains without trust costs, and fundamentally eliminating the automotive industry ecology centralization, information asymmetry, profit distribution links that are not open and transparent. Based on the shared ecology built by blockchain technology, Engine products can be extended to all aspects of the automotive industry, bringing the automotive field to a new era and becoming one of the core pillars of the future automotive industry