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27th March, 2019

SET to launch car-monitoring app



The SET Group is testing a mobile phone app based on blockchain technology which tracks the life of cars, the company announced yesterday on the stock exchange website.

Trading in SET shares was suspended for the whole day because of the important news release.

The share price rose by 10% on Monday ahead of the announcement.

The encrypted database on individual cars can be made available to potential buyers when the owner wishes to sell the vehicle.

The new app, EtiCar, provides a verified history of the vehicle, supporting a higher sale price, SET said.

SET will approach car fleet managers first with the app, as they purchased the majority of new cars in Hungary in 2018, and a survey indicated that they are interested in the product.

The app uses a cable to collect data directly from a car’s on-board computers.

SET is aiming to have half of new cars sold in 2020 connected to the EtiCar app.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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