Karma Automotive, a maker of luxury electric cars based in Southern California, will accept Bitcoin as payment for its luxury vehicles. Payments using BTC will be accepted at its flagship store in Newport Beach. The carmaker, which is also a high-tech incubator, is doing this to further shareholders knowledge in blockchain technology applications.

Besides vehicle purchases, customers of the company can pay for other services using Bitcoin at its Newport Beach store. This is also part of the company’s commitment to offering VVIP treatment to its customers and an indication of the company’s dedication to being a high-tech incubator.

Providing a Test Bed for the Blockchain

According to Lance Zhou, the firm’s CEO, the company is opening up its platform to use various blockchain applications in the real world. To fulfill this task, the company has collaborated with Wanxiang Group, which is also the firm’s main shareholder. Various blockchain applications besides the use of Bitcoin for payments could be unveiled in the future.

Karma Automotive revealed the development at the Shanghai International Blockchain Week 2019 that was hosted by the Wanxiang Blockchain Lab. At the event, various experts in the blockchain field met to discuss various potential commercial applications of blockchain technology. Besides that, they shared knowledge about developments in the nascent industry.

The company’s CEO said that the firm’s flagship store would be used to support their efforts to offer the best customer service as well as offer support to emerging technologies. Karma Automotive moved to its flagship store recently. The store located close to John Wayne Airport has previously served as a home major luxury brands in the automotive sector. This store will give Karma the resources and space it needs to ensure future growth to accommodate a vehicle line-up of various models.

The building features 15,000 square feet of space and has enough space to showcase up to 20 of the company’s latest car; the Revero GT. There are plans to add a customization center, photo and vehicle staging area, VVIP concierge service and a detail center.

Karma Automotive has received the support of various retail partners in Canada, the US, as well as some select export markets. According to their roadmap, the company plans to move from one continent in 2018 to have a presence on four continents by the end of 2019.

Blockchain Use Cases: Automotive Sector

Besides making payments, there are many other applications of blockchain technology that Karma might explore in the future. These applications include sending user data securely, paying for parking, and even rewarding customers for being environmentally conscious as well as driving safely on the road.

The potential applications of the technology in the car industry are quite extensive. Users could be rewarded for allowing companies to get data from them, while at the same time ensuring that the data is secured using the blockchain.

Image Source: ShutterStock 

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