I'm new to ethereum smart contracts and I'd like to understand how ethereum could be used to sell new cars.
The buyer pays upfront, then the car is ordered in production. Production takes a few weeks. Finally the car is delivered.
Could Ethereum help with escrow by ensuring the motor dealer will not be able to run away with the money?
I am thinking that the money could probably be used to buy Ethers (which are recorded in the Ethereum blockchain, as far as I understand), and a smart contract will move those Ethers from the buyer to the dealer when the delivery of the product happens.
I've got a couple of questions with this scenario
- how is the smart contract checking that a car is actually delivered?
- because it takes a few weeks to deliver the physical product, and because cryptocurrencies are quite volatile, could the buyer end up paying more or less than what was agreed with the dealer in terms of fiat currency? is there a way around this to ensure constant dollar transactions?
- finally, implementation-wise. would I need to create a new crypto and "link" it to Ethereum?