Sino United Worldwide Consolidated (OTC: SUIC) has signed the Memorandum of Understanding with Sinoway International Corp for joint investment that will create a universal platform for buying and selling vehicles and auto related products or services by using its own cryptocurrency, the AutoCoin, and future cooperation with crypto ATM manufacturers.
AutoCoin is a hybrid token that integrates smart contracts into Bitcoin and Ethereum core protocols, offers solutions for the global transport industry using Blockchain technology.
SUIC sets out a joint commitment and collaboration with Sinoway International Corp. that will further the huge commercial interest and research value of the Internet of Vehicles (IoV).
IoV is an integration of three networks: an inter-vehicle network, an intra-vehicle network, and vehicular mobile Internet.
SUIC and Sinoway build and adopt latest innovations in systems-of-systems for IoV technologies required to support their AutoCoin, which is an integrated platform that will enable Big Data interactions among users, vehicles, things and environment, and which offers reliable and low-delay-time exchange of such information.
This will further support the economic development of car networking that will create a platform for vehicles exchange, through collection of Big Data directly from intelligent sensors that are installed in the vehicle; and a vast network of car-to-car, cars-to-people, cars-to-merchants, cars-to-roads, traffic database, anti-theft protection, insurance, fueling, parking, car wash, roadside emergency assistance, and periodic vehicle inspection, integrated and controlled remotely via one-touch digital handheld mobile devices, targeting the more than two hundred fifty million private cars in China.
SUIC and Sinoway envision the AutoCoin as a pioneer in building smarter cities and intelligent transportation services, as it enhances V2V communications that improve the safety and efficiency of road transportation among others.
SUIC and Sinoway together aim to support long-term programs to bring economic growth, new jobs and prosperity, ensuring good returns on IoV investments, securing a stake in the economic growth globally.
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