Although governments worldwide utilize automotive titles to trace vehicle production and authenticate ownership, existing systems are often inefficient, segmented, and prone to human error. As a result, many governments are still referencing platforms that fail to address modern-day problems like increasing theft rates. For example, motor vehicle thefts are up 25.1% since 2019, reaching 1,011,967 vehicles in 2022—or 1.9 every minute.
In addition, platforms like Caravan, Vroom, Whipflip, and many others now offer new ways of buying and selling cars, complicating an already saturated market. This dynamic has increased the risk of fraud and human error as associated data exists across more stakeholders.
Fortunately, there are innovative solutions to these longstanding challenges. As a transparent, immutable technology, blockchain can give stakeholders real-time access to the same information. This functionality introduces oversight to the vehicle lifecycle post-sales, allowing all network participants to authenticate titles while ensuring vehicles are associated with a legitimate record.
