Over the years, car sales and management (e.g, tracking a car’s history) have been challenging, and using centralized protocols has made it practically impossible to achieve efficient management and tracking systems for such a purpose. Notable reasons for this include trust issues, limited access to information from a global network of users, and lack of transparency, among several others.
For instance, it is quite difficult to access a detailed history of a car before making a purchase. As a result, automobile dealers are mostly in control of the situation, and can easily control the market’s value so that it favours only them.
On the other hand, a consumer or buyer who is unaware of a vehicle’s full history cannot make a well-informed decision about a potential purchase.
Now, after many years of no meaningful endeavour to resolve these major challenges, Carnomaly, a decentralized protocol for buying, selling, and owning cars, has emerged to provide a sustainable solution to these various challenges.
In an exclusive interview with DailyCoin, Josh Taylor, the chief operating officer at Carnomaly, discussed the startup’s efforts to empower consumers by bringing transparency to the automotive industry.
Before we go into the specifics, Carnomaly is a blockchain-based startup that offers a wide range of blockchain solutions, including the provision of auto loans, car sales and purchases. In addition, Carnomaly offers all the perks of blockchain, such as accessibility, security, and transparency, which makes it even more unique.