VLB (Vehicle Lifecycle Blockchain) is a utility token based on Ethereum ERC20 protocol launched by online car repair service, CarFix.
VLB aims to create cost-saving and optimization of operation opportunities for auto industry participants. CarFix is working in cooperation with QIWI Blockchain Technologies (NASDAQ: QIWI) in the deployment of VLB. CarFix has developed and implemented software for algorithm based establishment of prices for repair and maintenance works of vehicles.
What Is CarFix?
CarFix was launched in 2016 and has since processed over 250,000 repair and maintenance requests and served over 50,000 customers.
CarFix ecosystem is currently comprised of 280 fully integrated repair shops (with 500+ onboarded repair shops in total), all key spare parts distributors, dealers of most popular mass-market car brands, a major insurance company and the leading Russian auto lender. This ecosystem is continuously growing and evolving to accommodate the optimal supply and demand equilibrium along the entire vehicle lifecycle.
The existing CarFix ecosystem and software systems present a perfect staging ground to develop and deploy the blockchain technology described in the whitepaper. CarFix’s current business model, which is driven by the notions of transparency, efficiency and fair pricing, will be further empowered by the blockchain’s core premises of decentralization and immutability of records. Implementation of multi-signature authorization mechanisms to verify transactional integrity will further morph the interrelationships between Market Participants into a single cohesive “Car Lifecycle Industry”.
Proceeds from the ICO will be used to develop and build the blockchain technology specifically tailored for the Vehicle Lifecycle Industry. CarFix current business model will be used to test the blockchain and subsequently proliferate its implementation beyond CarFix globally.
CarFix founder Oscar Hartmann expects the platform to unite participants of the automotive industry. “These are car owners, corporate fleets, auto services, manufacturers and distributors of spare parts, automakers, insurance companies, credit organizations, government agencies,” Oscar Hartman said.
Oskar Hartmann – Co-Founder, formerly BMW (Kuala Lumpur, Malaysia), Boston Consulting Group (Moscow, Russia)
Vladimir Lupenko – Co-Founder, formerly Macquarie Group (infrastructure fund management)
Paul Nazarov – Co-Founder, formerly KPMG (transaction advisory)
Peter Kalambet – Blockchain development team leader with 16 years of experience in programming and systems engineering