About
Using a blockchain, we create a seamless experience from signing the order up to driving your car out of the garage!
Innovation presentation
The moment you decide to buy a car, you know you’re up for quite an experience. From the smell of leather, to the coffee in the sales office, everything is meant to fuel your happy mood. Everything? No...There is quite a bit of administration and “to go” to tackle. Where’s the fun in that? Using a blockchain, we create a seamless experience from signing the order up to driving your car out of the garage : paid, insured, with a license plate and the breakdown assistance. KBC decided to handle more tasks in the process in order to be less present. Focusing strictly on the customer experience, we completely changed the payout of a car loan. A small KBC team, reinforced by our technical partner Cegeka, anchored the renewed process on a blockchain. We showcased a complete proof of concept to KBC management on 1 March 2017, barely 3 months after approval of the project.
Stakeholders (car dealers, insurers, etc...) were enthusiastic and eager to join. One car dealer said that 50% of his customers had to make a second appointment because they couldn’t pay with their card. Our blockchain solution also increases transparency and closes loopholes.
Uniqueness of the project
KBC’s My Car makes the actual payment of a car completely hassle free while reducing fraud. We make use of blockchain technology (HyperLedger Fabric) to ensure a shared source of truth and central place of workflow. Every participant in the ecosystem profits from a faster and more secure flow: the customer, the car dealer, the distributor, the government, the insurer, the bank and so on.
Our aim is to extend this initial Proof of Concept to all administration a customer has to handle when getting a new car. In Belgium this includes insurance (green certificate), a license plate (issued by the governmental service DIV) and optionally breakdown assistance.
