South Korea-based Charancha, which has sold more than 5,000 used cars through digital auto retailing, is to introduce used-car history management, verification and other services based on blockchain/Web3.0 technology — a first for the country, it asserts.

For this, Charancha — a subsidiary of Deutsch AutoWorld — has teamed up with Aptos Labs. The latter describes itself as “a team of visionaries, researchers, strategists, designers and builders — all committed to bringing decentralization to the masses.”

“Our research and development is focused on creating products and applications for the Aptos blockchain that redefine the user experience and accelerate the future of Web3.”

“Through our partnership with Aptos Labs, we want to create a more reliable used car market by introducing new services through Web 3.0 to overcome the existing used car market’s weakness — ‘trust’,” said Deutsch Motors CEO Kwon Hyuk-min.

“We hope that the first combination of the automobile industry and blockchain will be a step toward growth and a new era for the entire automobile industry.”

Founded in 2013, Charancha is an integrated mobility company offering used-car trading, certified used cars, home-delivery and car rental services.

Last year, it inaugurated the country’s biggest studio for live commerce, and a year earlier, it formed a strategic alliance with, one of the leading auto marketplaces in South Korea.

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