PowerBand Solutions Inc. (OTC: PWWBF), a technology provider that is developing solutions for automotive and other industries that drive efficiency and transparency in the marketplace, announced that it has signed a Letter of Intent “LOI” with Zoom Blockchain Solutions, Inc.
The LOI is to establish a disruptive automotive-related blockchain and application technologies solution. The alliance between the two companies will be named, Zoom Automotive Solutions, and will include several leading automotive, technology and financial partners.
PowerBand has developed and commercialized a leading-edge online auction platform that increases revenues and profit margins for its automotive dealership, Original Equipment Manufacturer, commercial fleet and rental company customers.
Zoom Blockchain Solutions is a business unit within Zoom Solutions that focuses on developing innovative blockchain-based solutions to complex business problems for the retail, consumer packaged goods, and automotive sectors.
The new joint venture, called Zoom Automotive Solutions, is located in Rogers, Arkansas, and will develop a blockchain powered mobile application to buy and sell cars.
According to the press release, this B2B and B2C blockchain application will accelerate transaction and settlement times as well as remove friction from the industry and pave the way for a much improved and trusted consumer experience.
The company has said, citing an article on autoremarketing.com, that the addressable market for this application in North America is estimated to be over $100 billion annually.
CEO of PowerBand, Kelly Jennings, has said he is exciting about the application of blockchain for his company’s online remarketing software.
The Chief Blockchain Officer of Zoom Blockchain Solutions, Duane Osborn, commented, “Blockchain is a game changer and we are bringing the blockchain revolution to the automotive industry. One of our first initiatives is to transform the automotive industry by leveraging blockchain and working our way back through the automotive supply chain from the end customer to the dealer. We are excited to work with the team at PowerBand to pilot blockchain in the auto industry.”
President of Zoom Solutions, Inc., David Knight, has said that Zoom has launched its business in Northwest Arkansas withthe vision to be the leading boutique blockchain supplier to retail businesses and consumer packaged goods and automotive-related companies. He stated, “We are bringing deep expertise in blockchain, payments, and secure cloud storage to develop an ecosystem in Northwest Arkansas that can solve complex problems through the application of blockchain technology. This new application will be a win for both the customer and the dealer network.”