Cario Inc. has announced the launch of a blockchain based platform to ease the title transfer process for automotive and powersports vehicles.
“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,” says Nathan Hecht, founder and CEO of Cario Inc. “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.” This is the case for powersports vehicles that qualify for a title or registration as well.
The benefits of a digital title and a distributed ledger-based infrastructure are wide ranging. The Cario title platform 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.
“We have created an end-to-end, secure and private distributed ledger technology solution,” says Jamie Solomon, EVP of Cario. “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. 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.”