Cario Inc. announced the launch of a revolutionary blockchain based platform to solve one of the industry’s most difficult pain points: the transfer of vehicle title.
“There are over 276 million vehicles on the road today in the US”, said Nathan Hecht, Founder & CEO of Cario Inc. “Not a single one can exchange ownership without transfer of title. And yet these transactions are based on a technology which – in many cases – has barely changed since the 1950s. The title itself is a piece of paper, each state has its own platform, and title transfer is slow, inefficient, expensive, and vulnerable to fraud. But with Cario, we are changing that by digitizing the vehicle title itself, supported by a distributed ledger platform for radically quicker, cheaper, and safer automotive transactions.”
The benefits of a digital title and a distributed ledger-based infrastructure are wide ranging, Mr. Hecht went on to say. “The inefficiency of title transfer is bad for the consumer and can be devastating for a business”, referring to the manual and time-consuming process of titling and registration of cars which for decades has been an inconvenience and expense for businesses, consumers, and DMVs alike. “The transformation of the title from a physical document to a digital asset unlocks value throughout the industry, not least the billions of dollars of payments trapped in the automotive economy waiting for transfer of vehicle ownership.”
Cario has built the next generation title platform which turns the title itself into a digital asset, and transforms manual processes of title transfer, lien addition / release, registration, and vehicle management into a purely digital workstream conducted through a hybrid private / public blockchain-based networked solution.
“In Cario, we have created an end-to-end, secure and private distributed ledger technology solution. This allows all participants in the title transfer and vehicle management process – including DMVs, dealers, wholesalers, commercial lenders, captive lenders, insurance companies, taxing authorities, auto repair firms, and consumers – to seamlessly participate in any title and registration transaction. This reduces what used to take between 30 and 90 days to complete to a matter of minutes” says Jamie Solomon, EVP of Cario. “Cario also allows a customer to receive a digital record of title in the form of an NFT. This record is unique, permanent, highly secure, and publicly verifiable by anyone.”
Cario is now inviting DMVs, dealerships, lenders, and industry participants to this exciting new technology. For more information, please visit Cario.com and [email protected].
