WCT's Trust Mechanism in Second-Hand Equipment Trading
In second-hand equipment trading, information asymmetry regarding the equipment's usage history, maintenance records, performance condition, and other details often leads to disputes. WCT records the equipment's factory information, past maintenance records, inspection reports, and other data on the blockchain, creating a complete 'digital archive.' Buyers and sellers assess the equipment's value through on-chain data, and during the transaction, WCT is used to pay a deposit, which is automatically released upon acceptance of the equipment through a smart contract. After introducing WCT, a construction machinery second-hand trading platform saw a 65% reduction in transaction disputes, a 40% shortening of transaction cycles, and a 50% increase in buyers' trust in equipment quality, making second-hand equipment trading more transparent and reliable.
