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Deutsche bank and Allianz have partnered with car exchange Auto1 to implement blockchain technology in the auto financing industry. The new company is called Auto1 Fintech. The company will offer financing for car loans as well as insurance products.
The transactions concerning financing will all be recorded using the blockchain. The blockchain technology offers complete transparency for all transactions. Financial transactions using blockchain technology will also enable the car dealers to act more quickly on services like refinancing and loan approvals. Transactions which would normally take a few weeks are an instant process using the new technology.
Blockchain technology has the potential to almost eliminate all back office expenses. The financial industry is just one of many businesses which will benefit from the advancements made possible by blockchain technology. Any business requiring record keeping will be completely transformed by this new technology. Hospitals, where accurate record keeping is imperative, stand to benefit the most.