These two sentences remind me of Akerloff’s paper The Market for Lemons. Essentially blockchain can reduce information asymmetry between buyers and sellers so the market could become more transparent, prevent adverse selection, and indeed create a win-win situation for all market participants.
Thanks a lot for this wonderful article, Bruce! An eye-opening read with deep insights into the automotive industry. Along the exciting progress in EV, self-driving, and blockchain-powered supply chain management, it is fascinating to imagine how the industry will evolve in the next decade and how the society will change (Trent’s Blockchains for Artificial Intelligence). Meanwhile, as you mentioned China and Russia, it is also exciting to draw an implication and imagine how blockchain could help countries that suffer heavily from fraud and corruption!