SGCarMart, the No.1 auto vertical in Singapore, has launched a blockchain-based platform to increase safety and efficiency around used-vehicle purchases.

The company is using Ocean Protocol to launch Singapore’s first “Know-Your-Vehicle” data marketplace. Customers now have the option to buy complete and detailed information about a listed vehicle, including accident reports and maintenance histories.

Ocean Protocol offers a decentralized data exchange protocol to be used for AI. “By using Ocean, the source of data and its trail can be established, recorded, and traced,” the company said in a blog post.  “SGCarMart’s used car data marketplace can ensure buyers are getting up-to-date, highly accurate, and reliable information about the used cars available in the market.”

In a nutshell, the protocol combines a vehicles technical information (based on its VIN number) and historical data. “Since all datasets are registered on the Ocean network, the asset ID (unique identifiers for each data asset) and the transactions (who purchased the asset) leave an on-chain trail that can be verified.”

SGCarMart, which is operated by Singapore Press Holdings, is the first local business to adopt this technology. GM Glenn Ong said the information it provides is invaluable. He points out there’s a natural tendency from sellers to understate or disclose defects and matters can still go undetected — even by third-party inspection centers.

Used cars are very popular in Singapore thanks to the local government driving prices up in an attempt to ease congestion and environmental impacts. More than 9,000 buyers are expected to benefit from this technology each month.

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