As the first European company, Auto1 FT, a financial partner of the automotive industry, enables the financing of the purchase of vehicles with smart contracts based on the Ethereum blockchain. Manual input and paper processes are to be abolished in the company’s core business and replaced with smart contract-based solutions. Auto1 FT hopes the digital solution will bring efficiency benefits to car dealerships and set new standards in the mobility industry.
As the blockchain is a tamper-proof database, it also eliminates confusion and errors from now on. Smart Contract is based on some outstanding features of the blockchain, as they are tamper-proof, immutable, transparent and verified by the community. This is what makes them so valuable for the purposes of Auto1 FT.