Shelf AP launches blockchain car trading in Asia and Oceania

Shelf AP, a unit of the decentralised auction Shelf.Network, has opened a blockchain trading platform for selling used cars from Japan to countries in Asia and Oceania. ForkLog reported, citing Lasha Antadze, founder of Shelf.Network.

The platform will allow buyers to track the car’s history from production to sale.

“The blockchain contains a variety of data about the car, including its service history, mileage, information about past owners and sales. This increases the security of transactions,” commented Lasha Antadze.

Shelf AP has already partnered with major exporter of Japanese cars Be Forward Co. Ltd., dealership network CarSeven Development Co. Ltd., and software developer for the automotive parts market Broadleaf Co. Ltd.

“The systems of these companies are connected to the Shelf.Network network, allowing real-time display of cars on new trading platforms in New Zealand, Thailand and the Philippines and synchronously conducting a decentralised auction,” added Antadze.

In the future Shelf AP will expand its export services for used cars to 15 countries in Asia and Oceania.

The 2017-founded Shelf.Network is developing a decentralised ecosystem for the international secondary sale of cars. In addition to dealers and marketplaces, it includes transportation, inspection and leasing companies.

In November 2019, Shelf.Network entered into a partnership with Arval, a BNP Paribas subsidiary, under which assets worth more than $2 trillion are managed.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.