White Clarke Group is continuing to organize discussions about how the growing development of blockchain might “revolutionize” the auto finance industry.

During White Clarke Group’s Auto Captives Summit back in November, Danny Williams, chief innovation officer at IBM UK explained how blockchain technology can be used to efficiently track a vehicle from the moment it is assigned a VIN through to the very end of its life.

Williams also referenced the benefits blockchain could bring to the auto finance industry by increasing trust, reducing risk, eliminating intermediary costs and saving time.

Williams’ presentation can be seen here as well as the window at the top of this page.

Williams isn’t the only expert highlighting blockchain’s possibilities

Late last year, Toyota Financial Services (TFS) made the corporate decision to join R3’s CEV blockchain consortium to explore distributed and shared ledger technology for potential applications in auto financing.

TFS thus became the first global auto finance captive to collaborate with more than 50 of the largest financial institutions in R3’s network on developing use cases for blockchain in the financial industry.

Chris Ballinger, who is chief financial officer and chief officer of strategic innovation at Toyota Financial Services was at the forefront of the deal, saying that blockchain “will ultimately lower costs, increase efficiency, and make auto finance more transparent.

“We can all agree, that’s the future, some are just disagreeing on the timing of it,” Ballinger continued. “However, financing products for those markets have not been developed yet. You just see little experiments, and I think that’s big change and the big opportunity for auto finance. It’s a big market, huge, and question is how do we finance it, and make it affordable."

The event White Clark Group hosted extended a string of blockchain discussions the company was involved in a year ago.

Outside the discussion groups, White Clark Group said developers are experimenting with blockchain applications, but as yet there have not been any large scale projects built around blockchain technology that are not bitcoin or “altcoin” related.

“The appetite for extending its use however, seems to be massive,” the company said.

The American Financial Services Association’s Vehicle Finance Conference last year in Las Vegas dedicated an entire keynote presentation to blockchain technology. Haskell Garfinkel, fintech co-lead at PricewaterhouseCoopers, made the presentation, which can be watched here thanks to sponsorship by White Clarke Group.