Review on REPO by Pedro O. Alvino M.
Recovery of delinquent vehicles with blockchain.
The Repo project, an open source platform with the intention of drastically improving the current system for the recovery of delinquent vehicles and allow lenders greater efficiency in the protection of assets and recovery of vehicles, in accordance with the blockchain and With a mobile application, users will be able to count on different incentives in Repo coin and other functions that improve the bad vehicle recovery service.
Given the growth in vehicle loans, many users end up with long delays in the payment system, which leads the company to hire an external company to seize the vehicle, which can cause expenses and problems, therefore With the Repo platform, companies will be able to have a community that helps to search for said vehicles, which avoids the hiring of said external companies, where it also minimizes expenses and benefits both the users and the company with Repo coin.
Developed from the Stellar network, transactions are not very expensive, and some vehicle recovery companies in the US use a license plate reading system (LPR) which is a big expense, but with Repo only the smartphone is required and its function as a scanner, but in terms of its service through the application is still under development, the project is in an expansion phase which is a great challenge, because it will resort to partnering with different vehicle recovery companies at the global and counting on the cryptocurrency regulations in each country, it will be difficult to determine the future of the project through this service.
Pros
- Provides incentives to users for the recovery of delinquent vehicles
- Facilitates the information exchange process between auto lenders and repossession companies through AI technology.
- Lowers the cost of asset recovery for auto lenders.
- Significantly helps auto recovery companies thanks to its real-time tracking and notification system.
- It consists of a foundation that helps users pay for car loans with a voting system.
Cons
- Adapting this system will take time, since the countries that have automobile recovery companies have different cryptocurrency regulations, which makes it difficult to use the platform.
- Even its mobile app is under development.
- Very little community supports the project.
