Hello I am new here and don’t really understand the blockchain and smart contracts.
This is my thought on just one of the possibilities for a smart app.
- States develop an app that has smart contracts that are available to auto dealers and the public.
- New cars ownership are recorded on the blockchain via Vin number using the app all local info is recorded and taxes paid for.
- As a consumer of the new car, I can turn around and sell the car to anyone using the app and having the registration and taxes paid for instantly through the sale if app sets it up that way.
If that is possible that would be awesome and save people a lot of money by not getting those horrible trade in prices from dealers. Not having registration headaches.
States would benefit by having accurate sales prices on secondary market for tax revenue purposes.
I think dealers would benefit as people would likely have more money to upgrade to newer models.
Anyways please let me know if I’m way off in my thinking on how it could work.