Cars sit idle most of the time, but the decentralized ledger system might be the key to letting people safely and easily monetize their vehicles while they’re not using them.
“Blockchains have the potential to reduce the transaction and trust costs that prevent car owners from monetizing their vehicles and driving data.”
Turo is a peer-to-peer car rental marketplace that currently lists about 150,000 vehicles. The way it works is simple. As a consumer, I don’t need to go to Avis or Budget to rent a car—I can rent my neighbor’s vehicle for cheaper. And as an owner, I can make money to pay off a car’s cost just by agreeing to share it. Turo (formerly known as RelayRides) estimates that renting out a new Honda Civic for 14.5 days a month earns enough to pay off a standard car loan over 72 months. Turo thus claims to be “changing the economics of car ownership.