In the past few years, the world has witnessed a transformational change in the automotive industry with the advent of new technological solutions like electric vehicles, self-driving cars and IoT solutions. Startups like Uber and its competitors have changed the landscape of the car-hiring businesses through internet connectivity.
Although the front-end innovation in the auto industry looks quite lucrative, there are a lot of areas that need to be optimized in the back-end over the entire Vehicle lifecycle. These areas include vehicle re-sales, car insurance, maintenance and repair, auto-lending, etc.
CarFix, an online-to-offline auto repair platform, aims to solve this industry problem by using the revolutionary decentralized blockchain technology and has recently launched a new project called Vehicle Lifecycle Blockchain.
CarFix believes that using the blockchain technology will help introduce a lot of transparency and efficiency to all the processes of a Vehicle Lifecycle thereby reducing costs across any sector of the economy relying on vehicle transportation, and ultimately benefiting the end consumer.
The Vehicle Lifecycle Blockchain (VLB) will keep all records of the vehicle’s complete lifecycle, right from its production to liquidation. Thus VLB will be a global database for the vehicle industry wherein car manufacturers, fleet owners, repair shops, insurance providers, resellers and other can have a complete information of the car’s ownership, its repair and maintenance history, insurance history and other things just by paying through VLB tokens on its blockchain network.
Benefits of VLB to Different Participants In a Vehicles LifeCycle
- Auto Manufacturer: VLB project will benefit the auto manufacturer in a way that it will help to considerably increase customer loyalty and brand confidence. VLB will also help to easily verify maintenance records in case of warranty claims and also identification of counterfeit square parts. This will help to considerably bring down warranty claims costs and car recalls costs. Auto Manufacturers can also keep a track of the history and pricing of car maintenance performed by authorized dealers.
- Spare Parts Producers: VLB will help to optimize the stock management process and also decrease the fraudulent claims against faulty and non-original spare parts.
- Insurer: VLB will help insurers to optimize the pricing of vehicle insurance policy and also help in decrease and optimization of claim management costs. It will also help to decrease the attrition rate of clients for new renewals.
- Car Owner / Fleet Owner/ Car Lender/ Ridesharing/ Service Provider: VLB will get this particular sector of the Vehicle Industry to have transparent records of the car history. This will further help to increase the trust and confidence in the used car market thereby maximizing the vehicle’s resale value. This will help to bring an overall reduction in the costs for businesses and individuals associated in ridesharing.
VLB Tokens And Its Marketplace
The VLB tokens are basically ERC-20 compliant tokens i.e. they as based on the Ethereum’s blockchain network. The public token sale has started on March 12 and will continue till the 8th of April, 2018. The VLB tokens can be purchased through ETH tokens where 1 ETH = 650 VLB tokens. The total supply of VLB token is 175 million tokens and the hard cap is kept at $12 million.
Being based on the Ethereum blockchain network the VLB tokens will have a similar operational matrix where data owners will pay a small fraction of VLB tokens to record and broadcast information in the VLB blockchain. This is called VLB Fuel. In return, consumers of the data will provide owners and compensate their efforts by paying a larger number of VLB tokens.
In the VLB blockchain, the data produced and generated by the owners will be verified by other participants in the blockchain. This will ensure higher transparency and accuracy of data.
For more information on the technology please read the whitepaper.
VLB Team and Associated Partners
The team of founding members of the VLB blockchain network includes Oskar Hartman, Paul Nazarov, and Vladimir Lupenko. There are seven more members on the board under different operational roles of product development, blockchain development, sales professional, front-end developers, and others.
The team also has a group of advisors who have huge past experience in the diverse fields of blockchain, automotive industry, finance industry and others.
Among the list of associated partners are some big names like Uber, Sberbank Insurance, QIWI Blockchain Technologies and others.