You'll Buy Your Car On-Chain in 2030 | Rob Solomon - DIMO

e hello hi everybody got a good one for you uh my name is Rob I am a co-founder at demo we allow anyone to turn their cars into smart devices connecting them to the world's first open Mobility platform only possible with blockchain you're asking yourself what does that mean you you think of your car now a bit like a flip phone or a landline in terms of how smart and connected it is if you have a Tesla it gets the Blackberry title in terms of you know being smart at demo we're here to usher in the iPhone era of cars where more connected more smart cars on a shared open protocol can lead to an explosion of applications and use cases okay you're still skeptical I can see it in your eyes well the good the good news is is I'm from the future so I can show you what this looks like I'm actually from the year 2030 I've come back in time using my Apple Vision Pro 5 Max uh FaceTime time travel upgrade and I'm here to tell you you know guys we did It blockchains win your mom thinks you're so smart for getting into crypto she tells all of her friends that you're Satoshi the ux is good it's fast it's cheap it feels like one blockchain but it's modular and scalable right we've done all we've done it all and would you believe if I told you that the chain that wins the only one that anybody uses the only one that matters is of course cardano just just kidding um so I'm going to show you what buying a car in the year 2030 is like and I'm going to show you how we've not only solved all of the and this is maybe the most painful transaction you would ever go through right with sleazy use car salesmen with fax machines trips to the DMV not knowing you know the real state of the car that you're getting uh getting ripped off left and right so not only can we solve all of those things we can actually do some things that are not possible today without blockchain so I'm going to get into it this is my little demo here so first I'm going to log in with my wallet today you need an email address and a smartphone to exist in today's society that wasn't the case 20 years ago it is the case now in 2030 having a wallet is going to be equally important you won't be able to get by without it but it's fine it's so easy in the future to get a wallet I mean as a as a side note it's already way easier to get a wallet today than to get a bank account I don't know if you even remember getting a bank account you probably were 17 years old you go with your dad to Wells Fargo you hand like your social security and birth certificate to a guy named Steve he types it into a Windows 95 computer like that 12w is a lot easier than that but in the future it's even easier Apple Google Microsoft they've all embedded wallets directly into all their operating systems account abstraction has made it really s you know secure and easy I'm never at risk of like clicking on a bad link and having my wallet drained or losing access like that's all been figured out it all is figureoutable right so this is in that future I'm going to confirm and connect and this website Carousel it's asking me for some verifiable credentials from my data backpack it wants to know that I'm a citizen it wants to know my credit score it wants to know about my cars that I have on demo so it can provide me a better service right so I'm going to share these verifiable credentials with them it's better for everybody I don't have to go find these files or take photos of a driver's license or anything like that I just click and they have it for them they're only getting exactly the information they need so I'm not sharing my social I'm not sharing my address my phone number none of that they don't need that I'm only sharing what's needed so from a privacy standpoint for me it's better for them they don't have to store this risky pii that can get leaked and get them sued so everybody's winning there and lastly it's a verifiable credential so they don't have to worry about the authenticity of the data they can know 100% for sure that these are credentials issued by the DMV issued by Experian issued by demo about the car so now I'm connected and they have everything they need I'm going to search for a blue Ford Mustang Mach E I type that in here and now I'm on this Marketplace and this looks like a used car website uh but really it's an nft aggregator kind of like openc or really more like blur because it's an aggregator so these are private parties dealers who have listed their cars for sale on chain they've included the necessary data for to to populate a listing and this website is kind of pulling them all in so I'm going to click on this first one I can see that the photos I see some great photos I can see that these have been verified they received a verified credential from CarMax and we can be for sure that these are photos actually of that real car I could look at the raw demo data for this vehicle and see its whole history of How It's operated and all of its data but I don't want that that's too much this driver was smart this driver shared their data with Dune Automotive you kind of can't see it there but underneath where my mouse is showing a little Health Report you know maintenance history a minus accident history A+ battery health a minus right miles driven you see odometer when you buy a used car but miles driven in the Northeast on Pooles and salted roads are not the same as miles driven in Florida EV batteries supercharging it all the time charging it to 100% leaving 100% not good for the battery right so you want to know what you're getting with these cars we can look back at all the data that's been collected by demo and provide a health score so this car has got an A minus let's ape in and buy this car here's something kind of new I'm buying a used car from another person but I'm still able to trade in my vehicle and even better because I've connected My Demo data already uh Carousel knows what cars I have it knows how much I still owe on the loan because my loan's on chain and it knows a rough price range for what I could get for that car so this is great I'm I'm going going to keep my wife's car I'm going to trade in mine click that and just like the other guy I'm going to share my data with Dune Automotive so I can get that Health score to get me a better price for my car A+ Health sweet all right so I can see I got 37 offers you can't see it it's small text underneath the buttons but I got 37 offers I don't need to tell you if you get 37 offers for your used car it's getting a much better price than if some used car dealer can kind of corner you and you're the you know your tradein is the only option and they just give you the price you take what you can get right so getting a really good price with carvana here in this case case it shows that I still owe uh you know 4,000 on the loan so when I when I complete this transaction my vehicle title goes into an escrow smart contract their cash goes into that escrow smart contract and by the way escrow just means like our assets go in together and then once the transaction is completed they both go at the same time so there's no risk of one person taking the money and running so they go into an escro smart contract and when this transaction uh finishes my loan is automatically paid off my old car and the proceeds automatically go towards paying on the new car so that's something new that's awesome I'm going to accept that offer sign a transaction with my wallet again and my vehicle title is now an escra as is carvon is Cash all right so I I love defi defi is one of the coolest things to happen in crypto I Love Money Legos right this is defi money Legos on kind of a whole another level typically you can bundle home and auto insurance you can't can't bundle the loans they depreciate in different schedules they're different types of Underwriters but hey again money Legos we can do whatever we want now right so I'm going to bundle my home and my wife's car with my new car and get the best possible loan that I can click on her car click on the home it asked me to share more information maybe I have some information about my home from a different blockchain protocol other than demo I'm sharing that here I'm sure you need more than home deed and mortgage to get a loan for your home but I'm a millennial who lives in New York City so I'll never own a home I'll never know just cut me cut me some slack I confirm that I click get quotes and again I get thousands of offers on loans instantly because we're dealing with verified data we're putting this out over our protocol so I get an offer from compound with a $1,500 down payment and it's only 80 bucks more per month than I was paying for this new car so that seems like a good deal coinbase had a lower down payment higher monthly payment I can kind of pick which one I think is better I'm getting quotes from traditional banks that are using their you know traditional capital for it I'm also getting uh quotes from D5 projects that are pooling on chain Capital right so I'm going to authorize this and now that Capital goes into same escrow contract and when we complete the trade-ins and pick up the new vehicle again everything's just going to kind of automatically flow out you might be wondering to yourself okay how does the blockchain know when a car in Meet space trades hands there's lots of ways you could do this in this demo we're going to use trusted oracles and these are known businesses that have a role where they you know need to co-sign a message saying that this transaction actually occurred so I'm going to pick AutoZone for this I'm going to pick uh yesterday at 12:30 February 29th to 12:30 as the date that we're going to do it confirm the exchange and now it's ready to go get picked up all right so now it's the next day I wake up slip on my shoes I grab my it feels like Christmas morning I grab my car keys for my old car and I drive to the Auto Zone I don't bring any cash with me the capital is all ready to go onchain right I show up I walk in talk to the guy at the front desk he says you know hello Mr Solomon if you call right here he's Australian or British for some reason and I hand him the keys to my old car he inspects it he hands me the keys to my new car I inspect it seller's not even there s doesn't even need to be here he signs a message I sign a message and Bam the vehicle title for my old car is now the property of carvano they'll come pick it up from the Auto Zone the new car is now titled to me I have in and jointly with my lenders the carvana or yeah carvana has paid off the loan on my old car and put 7,000 towards my new one the rest of my loan covers a new one the seller now instantly has his cash that second and we're ready to go ready to register so the now the the part that you've all been waiting for registering the car with the DMV so I'm going to register this car to myself I could take this great license plate or I could get a cool vanity plate submit and pay and now I have a verifiable credential that I registered the vehicle with the DMV and that is it so start getting nostalgic for the days of going into the DMV taking a number sitting in a Dusty old seat having your paperwork waiting an hour going up oh it's the wrong paperwork come back tomorrow those days are going to be coming to an end all this can be done on chain so so let's debrief what happened here Chris Dixon has a good quote in his new book that I liked a lot something about and I'm paraphrasing a little bit but you can build homes Bridges with wood you could build them with steel but the ones built with steel are a lot more robust they're more infrastructure you can build skyscrapers you can just build better Railways everything with steel this blockchainbased open network is steel in the automotive industry the automotive industry is not even built on it's built on like rotten papier-mâché right so it's you've dealt with it yourself you know how outdated and obsolete how many fax machines phone calls information asymmetry all of that in this industry it's a very fragmented industry so this would Mark a major upgrade to how things are working I I'll I'll tell you a story too when I was at vroom both both vom and carvana faced pretty big class action lawsuits because if we bought a car in Louisiana brought it back to Texas sold it to someone in Pennsylvania just processing the title was a night and often we wouldn't be able to get the title to the new owner in time their temp tag would expire they would renew it temp tag would expire again now they can't renew it anymore and now it became illegal for them to drive their car we couldn't process a title in months it took it took so long to do it right there's no reason for that this could be settled instantly so at demo there's still a ways to go before we can enable a use case quite like this but we've already got some solid foundation going we have over 50,000 cars connected if you have a newer car if you have like a Tesla or something that has an app on your phone where you can log in and lock unlock the car doors that kind of thing you can probably connect to demo right now if not but your car is 2008 or newer you can buy a device on drivve demo.com and join it uh I'm robm Solomon on Twitter shout out to Ben coach owski for helping me Design This and thank you all for paying [Applause] attention