The problem Tcars solves

When buying a car the traditional way, the buyer is unaware of the car's ownership history, hidden liens, financial collateral, and financing. This makes it difficult to protect your money. The seller is unaware of the sales process and how to protect car ownership. Financially, both parties are exposed to fraud and loss of capital.

Carp2p solves the problem of uncertainty and mistrust in the purchase and sale of used vehicles, especially during the transfer process. In traditional transactions, the car buyer runs the risk of losing his money if the transfer is not completed correctly, and the seller can also be affected if he delivers the vehicle without receiving payment.

This smart contract-based system ensures that the money is securely blocked until the vehicle transfer is confirmed. If the process is not completed, the money is automatically returned to the buyer. In addition, linking the vehicle to an NFT that certifies its ownership and characteristics provides an additional layer of verification, transparency and traceability that reduces fraud and litigation.

Challenges we ran into

We found several challenges building the projects, these three are the most difficult of them:

Outdated vehicle data: One of the biggest challenges was collecting accurate and verifiable information about each vehicle. In many Latin American countries, the entities responsible for vehicle registration do not have up-to-date digitized systems, which made it difficult to integrate and automate the tokenization process.

Efficient decentralized storage: In the early stages of development, we struggled to consolidate all vehicle information into a secure and accessible repository. We were not clear on how to structure and store the data in IPFS (InterPlanetary File System), which led us to research, iterate and design an architecture that would ensure integrity, availability, and efficiency.

Creating the escrow of the money was a significant technical challenge. Getting these contracts to interact correctly, be auditable, and resist vulnerabilities required a high level of precision and rigorous testing.