Over the past years, plenty of industries are looking for ways in which they can use blockchain technologies and the auto sector is already looking to launch significant blockchain initiatives this year. One such method that blockchain wants to impact the vehicle industry is the BlocVehicle ICO.
The blockchain venture seeks to address the plenty of problems facing the car industry ranging from insurance claims to historical data on different vehicles. The ICO's solutions are together offering unique IDs for cars through immutable timestamps to enable car tracking. Here's how blockchain could be a part of the authenticity protection protocol for car tracking or selling.
BlocVehicle hopes to combine blockchain technology with the automotive industry and offer users an economic ecosystem for automotive service. The BlocVehicle platform will enable users to store and retain data on cars, motorcycles, sailboats and other automobiles on a public blockchain ledger.
The goal of BlocVehicle's venture is to create an authentic trading service platform for used cars that will offer a transparent P2P system with automotive maintenance data on the side. Moreover, BlocVehicle hopes to embody a sharing economy within the automotive industry.
The BlocVehicle Platform Structure
The BlocVehicle platform will incorporate a network consisting of the following layers:
The apps layer will offer a UI and API for the users to create and read the car information. The participants will also be able to use all the functions through the Android App/iOS with the third party entities such as corporation getting the ability to create quantitative data through their API version.
The service layer works to connect both the core and apps layers to give users the functions for data input and output. The service layer also includes information on the smart contracts, user accounts, and the vehicle tokens.
The Core layer diversifies the car databases to allow for safe protection of the data within the BlocVehicle Network. With the blockchain only able to handle a limited amount of data, there is the need for additional secure storage, and this is where the core layer comes in to manage.
BlocVehicle Blockchain Car Sharing For Rewards Solutions
The BlocVehicle Network will offer the following feature solutions to enable access to the components. These solutions are:
Data creation will work through three different accounts including owner accounts, third-party accounts (person) and third (company) accounts. Service providers can also use an account for their data use.
Vehicle Information Ownership
Users will get to have full ownership of their automotive data that they create through blockchain. On the other hand, service providers or product manufacturers looking to use this data will have to apply for prior approval from the data owners
The BlocVehicle Network will issue its cryptocurrency in the form of Vehicle Tokens (VCL). The digital coin will help shape and sustain the economic ecosystem of data on the blockchain network.
How The BlocVehicle Network Can Help
BlocVehicle plans to create a new ecosystem for the automotive service industry, and this could help solve the problems of asymmetric information. Consequently, this could have the following implications:
- Ability to create, store and retain vehicle data within the blockchain-based ledger
- Reward users for vehicle data through the VCL tokens
- Reduce the high service charges paid by sellers to car dealers
- Improved quality check on used cars by buyers through the vehicle data system
- Saves buyers time and cost of buying poor quality vehicles
- Enable a sufficient insurance claim service with the authentic vehicle data
- Car lessors will be able to share their cars thanks to the Vehicle Link service conveniently
- Vehicle buyers and sellers are guaranteed the transparency and fairness in transactions involving vehicle trading.
BlocVehicle VCL Token ICO Details
Parameters Of The ICO
- Pre-ICO Date: 8/15/18 – 9/14/18
- Price- 1 ETH-5,000 VCL (Bonus- 3,500 VCL)
- Accepts- ETH
- Hard cap- 11,765 ETH
- Soft cap- 2,000 ETH
- ICO Date: 9/20/18 – 10/3118
- Price- STEP1: 1 ETH – 5,000 VCL + Bonus 2,500 VCL
- STEP2: 1 ETH – 5,000 VCL + Bonus 1,250 VCL
- STEP3: 1 ETH – 5,000 VCL
- Accepts- ETH
- Hard cap- 49,333 ETH
- Token Ticker- VCL (Vehicle Token)
- Platform- Ethereum
- Accepts- ETH
- Supply amount- 1,000,000,000 VCLs
- ICO members– 40%
- VCL Pool- 30%
- Advisors and early investors, airdrops and partners- 15%
- Founding team- 15%
Though there is no denying the capabilities of blockchain technology, its application within the automotive industry still faces significant challenges regarding adoption, scalability, regulatory regimes and low standardization. That also applies to BlocVehicle's concept which in the future could face potential barriers to the industry embracing their technology. However, with the car industry rapidly evolving there is every reason to be confident with such a venture offering solution that is right out of the box.