Blockchain is a shared database of information which is amongst other things very secure (so secure in fact that it is relied on to manage payments by technology aware criminals and hackers); it enables smart contracts (like payments set to trigger automatically under the right conditions); and it can be used to track things in registers (like assets and ownership).
At present there are very few applications of blockchain specifically for auto finance, so some auto finance providers may be forgiven for thinking there is not much call to watch this video. They would be wrong! It seems likely that a range of other uses will emerge.
This July it was announced that Toyota Financial Services have joined R3’s consortium to explore “distributed and shared ledger tech” – that’s blockchain to you and me. They are seeking to identify “potential applications in auto financing.”
Watch this latest video and form an opinion yourself. The presentation at the AFSA’s Vehicle Finance Conference in Las Vegas by Haskell Garfinkel, FinTech Co-Lead at PwC shows a detailed account of how blockchain works. The video is made available courtesy to White Clarke Group.
So you need to watch this space.
