Cryptocurrencies – changing the digital landscape

The sky is not the limit for the cryptocurrency world these days. Like many other trends, these digital currencies have come forward with a bang and seem like long-term assets that plan on staying in the market. Before moving on to the different types of cryptocurrencies, we first need to see what these really are.

Cryptocurrencies are becoming widely popular globally and can be referred to as virtual currencies that are being used for the purpose of digital trading in the investment and finance world. It’s an umbrella term that includes various digital currencies some of the most common ones being Bitcoin, Litecoin, etc. These digital currencies work on a peer-to-peer model (P2P) that basically means it helps carry out digital transactions between only the participating parties without the control and involvement of any third party such as the State bank or the Security Exchange Commission (SEC).

The most prominent feature of these currencies is that they follow a decentralized system, they also prevent any chances of double spending, the risk attached to spending ones’ digital currency more than once. According to an article, Bitcoin is the first and most popular cryptocurrency developed, had this concern attached to it, but its internal mechanism prevents such an attack by internally verifying the credibility of each transaction based on transaction logs.

These currencies have ample uses in different industries especially in the world of online trading. They can be used to carry out the digital transaction for the selling and purchasing of various commodities, in the exchange of digital tokens through an ICO and in many other forms. One such industry that these currencies have begun to transform is the automotive industry where all sorts of car dealings take place online on a secure network to prevent any setbacks for either of the concerned parties.

The beginning of a new chapter

The automotive industry is a widely growing one with numerous transactions taking place on a daily basis. According to an article, figures for the year 2017 amount to approximately 86.05 million cars. The automobile industry is influenced by some factors such as the growth of industrialization, digitization and growing competition according to author Samarth Uchil. With these present, the industry requires to bring forth innovation and create new values for its customers to stay afloat.

One such company that has brought forth a creation worth millions is the Autoblock, the AutoCoin, similar to various other altcoins or digital currencies. The Autoblock works to bring forward new ways and technology into the automotive industry thus making it easily accessible and more efficient than ever.



The main purpose of any cryptocurrency is to solve an existing problem.

Similarly, the Autoblock seeks to eradicate problematic ways of conventional car dealings which come with numerous problems such as

Delays in shipments & deliveries

Lack of credible and complete information regarding makes and models

Unauthentic and already used spare parts, etc.

With all these problems currently being faced by the automotive world, this company works to deliver quality, credibility and most of all security digitally in all of its transactions.

How does the AutoCoin Work?

The AutoCoin is designed specifically to aid in transactions related to car dealings and services by allowing potential buyers to use digital assets to make a purchase. Most car dealers offer a free online portal that stocks car parts and displays them to future buyers. These portals also provide authentic and complete information about the product on sale including model, mileage, condition, etc. Using this information aids in the working of the car valuation system thus allowing buyers to thoroughly assess their investment decision before finalizing a purchase.

Where security is concerned, car dealers also have a Point of sale (POS) system which ensures secure payments through the exchange provided by the company making it possible for some digital tokens or altcoins to be accepted. The innovation that the Autoblock brings has set out to create many new opportunities for both dealers and buyers.

We buy cars today more often than we did a decade ago. Owing to this rise in the needs and desires of the buying party, every industry should continuously work to improve itself and the values they offer to their clients. With AutoCoin developed as a personalized cryptocurrency designed solely for this purpose, the automotive industry is provided with a fair and legal competitive advantage in contrast to other industries.

The AutoCoin also allows its users to lease or own a car depending on their purchasing power which is based on the number of digital tokens to trade. According to Mohamed Ezeldin, director of AutoCoin, it utilizes a hybrid approach thus using a commercialized platform aiding in digital payments.

The most basic yet crucial feature that the AutoCoin offers to the industry is security and stability. Regardless of whoever the transacting party is, it maintains the anonymity of the user and ensures private transactions by preceding the need to provide any personal information. The AutoCoin uses the infamous blockchain technology and uses smart contracts for withdrawing any digital tokens. These transactions take place between only the dealer and the purchaser where they are provided with a source code which is particular to only that transaction and cannot be copied easily thus making every withdrawal unique.

The AutoCoin holds up to its most charming characteristic which is uniqueness. Since not all car buyers have the sources to attain proper information on available cars or car parts, the currency also provides the technology of using blockchain to create a digital clone of that product thus enabling proper identification and making it impossible to recreate. Also, the AutoCoin provides a distinct attribute of retaining digital funds and converting these funds into fiat currency which later equals the existing Bitcoin rates.

Wrapping it up

Keeping the above factors in mind, all in all, the AutoCoin also helps open a commercialized market in the automobile industry providing a new and improved platform for car dealers ensuring stability, privacy and security which were not experienced before. This comes as an open solution for all great car dealers increasing their customer base and maximizing revenues to a great extent.

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