JPMorgan studies use of blockchain for vehicle inventory

JPMorgan’s commercial auto financing entity has filed a patent application to explore the use of blockchain for tracking and managing automobile inventory and simplify its finances with car dealers. Reported by Coindesk on 22nd November 2019, the patent application demonstrates the use of distributed ledger technology (DLT) in digitizing the floor plan and bring about the much-needed efficiency and simplicity to the complex lending process. The new version of floorplan lending involves a revolving credit facility that enables automobile dealers to borrow against retail inventory. JPMorgan explores the use of blockchain According to the patent application, every car in the