Spareshub is an established automobile parts company, whose operations have been running successfully for the last 4 years. It aims at applying blockchain technology to the Global Automobile Maintenance Industry in order to bring trust, transparency, and accountability within the industry. It also seeks to build a provenance platform for the Auto Parts Supply Chain.
Through the integration of blockchain technology, it seeks to provide a solution to the problem of numerous counterfeit and duplicate spare parts that have flooded the market. It will also provide warranty management services through its warranty management team. This will make the process of counterfeit identification faster, as it will be able to identify the movement of genuine parts. The platform also seeks to reduce the costs of parts recall for businesses in the automobile maintenance industry.
Through its ecosystem, which contains all the participants of the global automobile industry, SparesHub aims at providing a complete automobile maintenance platform. The platform will provide various services that will range from tracking automobile parts all through the supply chain, booking car services, and securing vehicles history to buying car genuine replacement parts whose authenticity is verifiable on the platform. Users of the platform will also have access to workshops where they can get high-quality repair services using genuine parts at affordable prices.
All payments on the platform will be through the SparesHub Token (PRTS).
Ownership of the tokens is by either purchasing them from SparesHub or from the token exchange. Token holders can use the tokens to purchase car parts from the platform or its retail stores, purchase QR codes, make payments for advertisements on the platform and even make payments to certified workshops.
In order to encourage participation on the platform, the tokens will be awarded to manufacturers, distributors, retailers who employ the use of the platform. The tokens will also be as a compensation for miners using the proof-of-work algorithm. The platform will achieve its token value through increased transactions by users, merchant advertisements, and commission fees received from the supply chain participants.
Benefits Of The Spareshub
Verification of parts: Buyers of parts will be able to scan products using their QR code and in doing so be able to verify the authenticity of each automobile part.
Dividends: Token holders have the opportunity to earn dividends annually. Twenty five percent of the company’s annual profits are distributed among the investors in form of dividends. The value of the investor’s tokens will also appreciate due to token buyback and burning.
Trustworthy: The blockchain basis of the platform will ensure that falsifying or tampering with information is impossible. This will guarantee customers that records of faulty manufactured parts or instances where suppliers or manufacturers were at fault cannot be altered.
Faster recall process: Since the platform has a feature for tracking the automobile parts, faulty parts can be recalled in a fast, efficient, and lost costly way.
Identification of territorial infringement: Through the platform, manufactures can be able access the movement information of the parts at distributor and retailer levels and be able to track distributors who supply parts in areas where they are restricted.