IGWT Block aims to bring blockchain to the second-hand mobile phone market

Technology holding company IGWT Block is building a blockchain-based platform for second-hand mobile phones.

Founded in 2017 as a subsidiary of mobile phone distributor PCS Wireless, IGWT Block's pitch is to use the technology in an effort to resolve trust issues that plague the market as it exists today.

Currently, platforms like Amazon have to manually inspect second-hand items to make sure that their conditions match the descriptions. This system introduces risks and the problem of trust, IGWT Block President Flavio Mansi told The Block, as buyers have to count on the intermediary to correctly judge a phone’s condition and return their money if a quality issue arises. 

“Why do you necessarily have to trust Amazon?” Mansi asked. 

IGWT Block’s proposed platform, on the other hand, will make use of smart contracts to directly connect buyers and sellers, eliminating the need for any middleman.

After a purchase is made, Mansi explained, the money will be stored in a smart contract until the buyer receives the phone, evaluates it using IGWT Block’s diagnosis tool, and makes sure that the product received matches the advertisement.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy
<