Cendol Technologies Announces First Vehicle Blockchain in Malaysia
Cendol Technologies announced that they have completed the first build of their Malaysian Vehicle Blockchain and now working to onboard auto manufacturer pilot partners. They are currently open to seed investment.
Improving trust and speed in the vehicle industry
The data in the Malaysian Vehicle Blockchain will create a trusted set of records for every status change of a vehicle that will result in faster and more trustworthy transactions between manufacturers, sales show rooms, banks, insurers and second-hand car buyers. Some of the benefits that blockchain members will experience are faster onboarding, paper-less, more accurate and complete information which will result in an enhanced customer experience for Malaysians.
Examples of data that will be secured on the Malaysian Vehicle Blockchain will be:
- Vehicle details (Brand, Model, Year Manufactured)
- Servicing history
- Accident history
The Malaysian Vehicle Blockchain is the first of its kind in the world.
Less about Cryptocurrency, more about trust
Arnold Aranez, CEO of Cendol Technologies says, “We want to revolutionise and build trust in the Malaysian vehicle ecosystem. Our blockchain focuses on establishing a secure and trusted set of vehicle information platform that will help all blockchain members save millions in improved data transaction efficiencies and deliver superior customer experience.”
Cendol partners with world’s top enterprise blockchain company: R3
Cendol Technologies has partnered with R3 to deliver the Malaysian Vehicle Blockchain using their Corda blockchain platform.
Mark Leung, CTO of Cendol Technologies states “Our adoption of R3’s Corda is a crucial as it provides not only the foundations for our success like compliance, security, scalability and technological roadmap that we found lacking when comparing with other potential options in the market.”