Carnomaly is bridging the gap between the automotive industry and blockchain technology and making the process of buying, owning, and selling a vehicle more user-focused, equitable, and transparent.
Blockchain technology is quickly becoming the gold standard for recording and storing information across many industries, but the automotive industry could perhaps be called a laggard. Maybe it’s due to the industry’s captive audience – just about everyone wants to buy a car, so society as a whole is willing to play by the industry’s rules.
But what if those rules were to be re-written? What if, instead of praying you find a trustworthy dealer who won’t sell you a lemon — or a loan officer who won’t discriminate, you could protect your privacy, secure competitive financing, and have confidence in your new vehicle’s history?
Sounds far-fetched? Well, that’s precisely what Carnomaly and our ecosystem of one-of-a-kind blockchain-based automotive solutions — CarrChain, Carnomaly.com, and CarrDefi — hope to accomplish.
Click below to see how we're reinventing every aspect of car ownership.
Carnomaly Tackles Some of the Automotive Industry's Most Pressing Challenges
Considering the fact that the automotive industry is one of the most influential economic powerhouses in the world, it may be surprising to know that the process of buying, selling, and owning a car hasn’t changed all that much over the years.
There is no shortage of challenges and headaches that come with the automotive industry, both from the perspective of insiders as well as participants. These challenges go beyond the automotive industry itself and stretch into adjacent industries that help keep the proverbial machine running — industries like technology, natural resources, fossil fuels, financial institutions, research & development (R&D), marketing, local economics, and skilled laborers such as mechanics and engineers.
Carnomaly’s goal is to address and correct the most pressing issues facing the automotive industry, including:
Anyone who has followed the established path for trading in a vehicle has likely experienced something like reverse sticker shock. Dealerships often don’t offer nearly as much as you’d expect for your used vehicle, regardless of whether it’s been impeccably maintained. It’s a formulaic, profit-focused method that doesn’t take into account many of the things that may set your vehicle apart from others like it. This antiquated process frequently results in highly undervalued trades.
Inflated Interest Rates
While you’d think determining a borrower’s interest rate would be a question of numbers and mathematical formulas, all too often, it’s impacted by subjective opinions. This leaves the lending process rife with biases and even outright discrimination, not to mention excessively high interest rates.
Overpaying for Vehicles
Confusing Buying Process
Inaccurate Vehicle History Reporting
The Carnomaly Ecosystem
At Carnomaly, our goal is to correct these problems and make the process of buying a car — the second-largest purchase most people will make in their lifetime — as easy, quick, and reliable as possible.
To do that, we created the Carnomaly Ecosystem of blockchain-powered automotive solutions that address every aspect of buying, selling, or owning a car. From financing to purchasing to maintaining, there’s a Carnomaly solution for you.
We’re bringing innovative digital solutions to the automotive world with the big goal of changing the way society buys, sells, shops for, and finances vehicles.
Here’s how we’re doing it:
CarrChain — Comprehensive Automotive Records Repository — is a better, web-based way to track a vehicle’s history. It empowers users to manage their vehicle’s own vehicle history report instead of relying on spotty reporting from centralized agencies and independent businesses.
Using the CarrChain app, users will be able to keep track of every aspect of their vehicle’s care, logging activities ranging from oil changes and accidents to bodywork and even service and upgrades performed at home by the owner.
Beyond record-keeping, CarrChain incentivizes vehicle owners to take good care of their vehicles and log activity, rewarding them with CARR tokens, the ERC-20 tokens minted by Carnomaly that act as the ecosystem’s native currency. With CarrChain, users actually earn money and other benefits for taking care of their car.
A vehicle added to CarrChain will be issued a DVIN (Digital Vehicle Identification Number), which will be permanently tied to the unique VIN (Vehicle Identification Number). This digital record of a vehicle’s lifespan, recorded to the blockchain, will become the vehicle’s permanent and always-evolving record.
Because the vehicle’s data is recorded to the blockchain, it is immutable and highly secure, making a CarrChain vehicle profile the gold standard for vehicle record-keeping.
The Carnomaly.com platform empowers users — both consumers and dealers alike — to buy and sell cars using cryptocurrency and to communicate without manipulation.
Consumers searching for a vehicle can browse worldwide listings, use cryptocurrency to pay for their vehicle, secure financing, and even earn CARR tokens back on their automotive purchases.
Would-be buyers can browse anonymously instead of turning over sensitive personal data the way most traditional automotive search engines require. That means an end to unsolicited text messages, phone calls, and emails from dealers.
When it’s time to trade in your vehicle, you won’t have to worry about dealers using coercive tactics to sell you something you don’t really want, all while lowballing your trade-in’s value. Using Carnomaly.com, users will be able to list their vehicle in the marketplace, increasing the chance of receiving your vehicle’s maximum value.
Dealers will be able to gain access to additional inventory while avoiding the traditionally high costs of auto auctions. Through an online auction, dealers can silently bid on vehicles, and Carnomaly will facilitate the shipment of vehicles bought to the dealer.
Beyond being a buzzword in the world of cryptocurrency, decentralized finance lending (or DeFi lending) is quickly gaining momentum across a wide variety of use cases. One of the key reasons DeFi lending seems to be becoming so widely accepted is its potential for making the world of financing more inclusive and equitable — not to mention affordable.
Carnomaly is proud to be able to bring this game-changing lending method to the automotive world through CarrDeFi, the first-ever decentralized, tiered auto lending platform backed by blockchain.
The CarrDeFi platform empowers users to become lenders, putting their idle cryptocurrency to work for them by earning interest, with additional rewards offered for users who fund pools using CARR Tokens. Using our years of financing experience, the CarrDeFi team has established tiered loan pools designed to maximize returns and minimize risk. These pools include sub-prime, mid-prime, and prime, offering returns on interest rates ranging from 3% to 18%.
On the buyer’s end, financing a vehicle through CarrDeFi is largely anonymous and doesn’t have to impact your credit score. You can choose between a credit-based or asset-backed loan. Borrowers will even be able to move into more favorable loan pools with lower rates after demonstrating a consistent payment history.
Because this system of lending is borderless and free of most of the highly sensitive data buyers are usually forced to turn over, DeFi lending is less prone to discrimination and inherent biases than traditional lending, making it the most equitable and inclusive lending option available.
Where We're Going: Carnomaly Today and Tomorrow
As of the writing of this article, our CARR Token is trading live on leading platforms like Kucoin, BitForex, PROBIT, and more, and CarrChain has almost passed its final inspection. So what’s next for the Carnomaly Ecosystem of solutions? We’re prepping for the launch of the CarrChain app and moving CarrDeFi into the second stage of development.
Exciting things are happening, and we’re moving ever closer to making blockchain technology and cryptocurrency the standard for car owners everywhere. Will you come along for the ride? Check back here for frequent updates and news, and become an early adopter of the Carnomaly Ecosystem!