Fusion Foundation, a non-profit organization behind the Fusion blockchain interoperable infrastructure, today announced it has been chosen by the Automotive eXchange Platform (AXP) to improve access to accurate consolidated data on millions of vehicles in the $2.8 trillion pre-owned automotive industry.
The auto industry has long struggled with a lack of transparency and widespread information inaccuracies. Independent dealers, government agencies, including Departments of Motor Vehicles, insurers, financing companies, and individuals lack a standardized and reliable means of sharing and authenticating information such as vehicle information numbers (VIN), make, model, title, sales and service history.
To address these challenges, AXP selected the Fusion operating system over other blockchain solutions for its unique capabilities, including:
- Native Digital Asset Creation – Eliminates the need for smart contracts to create digital assets with time/value controls. This substantially reduces development time and costs.
- Decentralization – The platform has no single point of failure, which means no one party controls the platform infrastructure. This facilitates the integration of disparate systems between multiple partners.
- Interoperability – Enables the free flow of data and value across any public and private blockchains including off-chain data centers.
- Security – Enables public data to remain open and accessible while proprietary business information and consumer data can be protected and secured.
The first step in the partnership is digitizing AXP’s current database of 10.5 million automobiles. This aggregated data enables information tracking, access, auditing and the industry transformation to a transparent and trustworthy paperless system.
“We chose to build our solution using the Fusion protocol due to its unique integration and interoperability features that can deliver the data consistency, security, and transparency that are sorely needed today in the pre-owned auto industry. Fusion is also the only blockchain solution we found that could support the innovative financing options that many of our other partners want to bring to market through our application.”
“We are thrilled to be working with Max and his team on their mission to fight fraud, increase data transparency and provide customers and dealers with easier, affordable access to financing. AXP’s extensive experience in the industry combined with their current database of more than 10.5 million vehicles and 305,000 registered car buyers give me great confidence that Max’s mission can be realized.”