Be it a used one or a new car, and you need to spend some time to do your research well before making a purchase. You cannot buy a car because it is looking stylish as it depends on other factors like transmission type(automatic/manual), type of car(sedan/crossover/SUV), capacity (2/4/7 seats), etc. Either you can decide the above things on your own or by consultation with other members of your family. Once you finalize this, then you need to create a list of all the models you like, and their costs are within your budget.
Now, it is the time to visit the dealers of the cars in your list one by one and do the test drive. Don’t choose ten different brands of the car as it will take more time for you to visit each dealer. Instead, you can shortlist 5-6 models so that you can finalize the car within 1 or 2 weeks. Let’s assume that you have finalized the car successfully. Great! Here comes the main part of the buying process which is nothing but payment. Majority of the people will apply for a car loan either with a bank or a private lender as it is comparatively a huge investment for any middle-class family. Also, you can save some tax if you go for a loan. Paying the full amount by cash is required only if you purchase a used car from a private owner.
Congrats! You have become the owner of the car. Do you think the job is done? Not yet. Still, you need to complete two important tasks namely registration and insurance. To claim the ownership, the car needs to be registered in your name. So, you need to visit the nearby DMV (Department of Motor Vehicles) or similar government organization based on the country in which you live. In countries like US/UK, you are not allowed to drive a car without the insurance. Also, the insurance should bear the name of the driver and he/she can only driver.
So, you need to communicate with so many people like car dealers, auto financing companies/banks, insurance companies etc for buying a car. Also, you need to find a good repair shop nearby your location in case your car gets a repair. Buying and maintenance of a car are tedious. Right? To simplify the car purchase, a decentralized blockchain based platform named VLB (Vehicle Lifecycle Blockchain) is under development. The main objective of this platform to bring all the participants in the automobile industry like car manufacturers, car dealers, OEMs, auto repair shops, lenders etc under the same roof using the smart contracts and blockchain technology. To read more about the technology behind this platform, please visit http://vlb.io/Whitepaper.pdf
Every participant needs to hold a special type of utility token named VLB tokens to access this platform. These tokens are based on Ethereum ERC 20 which can be purchased by using any Ethereum compatible wallet during the token sale of the company. For getting more information about the token sale, please visit http://vlb.io/
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Very interesting project, and it can be well applied to your society. Thanks for sharing!
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