Currently, the market breadth of world’s car insurance is approximately trillion dollars. Among the 200 billion dollars that insurance companies use for advertisements, most of the money is used for banner advertising on internet portals. About 30 dollars are given to the portals for a single click on the banner. Nearly 100 dollars are used if a customer tries to compare three different insurance companies.
This results in a vicious circle because the advertising fees become a huge burden for the contractors. BlocVehicle will make the car insurance companies to pay the contractor’s Vehicle tokens (VCL) instead of the advertising fees. Subsequently, insurance companies can procure more contractors, and the contractors will experience a 30% discounted premium.
Combining blockchain technology with the rental market and the used-car industry, BlocVehicle is expected to bring great changes to the ecosystem of the available services.
BlocVehicle enables users to store and retain data of their own cars, motorcycles, campers and yachts on a blockchain-based public ledger and will have, similar to what Facebook does, information on users’ cars to be shared with other users. Thus, a car without its maintenance data not made public will not be able to find a place in the market.
BlocVehicle will create the world’s best service platform for the used car market, offering a transparent and fair P2P trade system based on a car’s maintenance data.
What is BlocVehicle
BlocVehicle is an economy of sharing service, where anyone can buy, sell, or share their used cars directly with others.This platform allows people to buy or sell their used cars without any interference from dealerships. It is based on reliable vehicle history data so that people can directly conduct transactions of their car based on P2P network, and create ecology of transparency and equality.
This platform enables generation of profits by leasing out individual cars. By sharing vehicle history data, anyone can rent a car easily at reasonable rates, which can become a foundation of an economy business model, based on vehicle sharing.BlocVehicle is for everyone; providing quality P2P used-car transactions and convenient P2P car-sharing services.
Mission of BlocVehicle
The mission of the BlocVehicle Team is to build a decentralized blockchain-based network that will allow all users to store their car history data in a public ledger and to make it accessible.
The data, produced under qualitative and quantitative methods, will be integrated and stored in a blockchain distributed ledger. The qualitative data refers to the photos and video clips of a car’s lifestyle that can be produced by smartphone apps, while the quantitative data are more specialized and technical records produced by auto repair centers, insurance companies, and third-party APIs .
Users will have full ownership of their automotive history data that they have created. Those who wish to obtain these data must acquire approval from the owner and provide a reasonable reward to its owner. In addition, off-blockchain storage will be set up for data backups and other purposes that will present more opportunities for participation.
Major Problems in Car Industry
- One cannot own one’s vehicle history data, because the vehicle history data are saved in various third-party locations that are closed to the public
- As a seller, one cannot place a determined price for one’s own car, because a buyer cannot trust the conditions of one’s car.
- As a buyer, one can be at a loss in buying a used car, because any records of vehicle history can be manipulated.
- One cannot lease out one’s car individually, because the conditions of the car are not guaranteed.
- One cannot negotiate the insurance rate, because the vehicle’s history information is dispersed among various companies.
CAR HISTORY DATA
Using the Vehicle App, take a picture of washing your car, changing your motor oil, and replacing vehicle parts. VCL token will be awarded, and vehicle history data will be automatically saved in the blockchain. Car history data stored in the blockchain will be a guarantee of your car’s estimate value.
People dealing in used-car and rental services can also make use of the BlocVehicle Network. Users can search for used-cars and apply for rental of any registered vehicles in the BlocVehicle Network. We are confident that a better ecosystem can be created by cooperating with existing businesses.
P2P USED CAR DEAL
Anyone can use the P2P used-card transactions service without the help of dealers. One does not need to pay dealership fee in the transaction and also won’t have to worry about scams.
P2P CAR SHARING
Anyone can lease out their cars to other users. Owners can generate profit from it, while travelers can use safe and clean cars within reasonable rates.
Why is Blockchain Used
In the current market, every system has their program and database separated in the development stage. These are designed to be shut off, with each of them having various security solutions such as F/W, access restriction, and encryption. 100% secure protection is not possible to achieve, however, since a centralized control system is susceptible to modification by a system moderator or an admin.
Blockchain, on the other hand, has no such authorities. Systemically, blockchain provides a guarantee of its contents by having a collective group participating in its every step of the way. When a transaction takes places, a countless number of nodes executes the same program simultaneously to verify the process, only terminating itself when the verification is proven successful – making it next to impossible to duplicate or hack the result of the transaction. This is only strengthened by the fact that the communication protocol, a source of the program, and the data is all made open to the public via internet.
Based on the Ethereum blockchain
Ethereum is a flexible, reliable and scalable infrastructure that fully implements all the possibilities of the blockchain technology and smart contracts. BlocVehicle network is a decentralized network system based on Ethereum blockchain technology
Series of Application Programs for Everyone
Can create and manage car history data. Can also manage personal settings on used-car trades, manage Smart Contractor status for car sharing, and allow/deny car rental requests. All users are able to search for used-cars of their preference, and can also request for rental or bid for a purchase.
Current second-hand car dealers, rental car businesses, or developers of application programs for the car history database will be provided an API to access BlocVehicle Network. This will be able to assist them so that BlocVehicle becomes a means to expand their own business and expertise as well, strengthening the coexistence of both systems, old and new – which works in both ways as BlocVehicle will be able to acquire a larger pool of users in return.
Token Contract Address : 0xf6AEaC4e30C12eB3a69De72D089c07EAa380B3A0
Token Symbol : VCL (Vehicle Token)
Total Supply Amount : 1,000,000,000 VCL (no additional token)
Price in ICO 1 VCL = 0.002 ETH
Step 1 50%
Step 2 25%
Tokens for sale 400,000,000
Distributed in ICO 40%
Soft cap 2,000 ETH
Hard cap 49,333 ETH
VCL Utility Token Economy
VCL Token will be able to strengthen the ecological system of our distinct vehicle rental service. As so, the finite number of 1,000m VCL will be supplied in total.
BlocVehicle platform will function as a win-win solution for all of its participants by seamlessly blending into the current, modern-day vehicle rental industry, and also will be able to impose balance on the “asymmetry in provided information” with its guaranteed transparency of the infrastructure.
BlocVehicle Network requires payment in its sole currency, the VCL token, to access its data and utilize related services.
Any registered second-hand car sellers or any users who lease their cars out, including the third parties who uses the data from BlocVehicle Network will have to pay VCL as the form of payment. This will maintain the stability of the BlocVehicle Network, with the added benefit of vitalizing the eco-system.
Published white paper
Jun. 1, 2018
Started pre-sale of tokens to early investors
Aug. 15 – Sep. 14, 2018
Jul. 1 – Sep. 30, 2018
Complete BlocVehicle’s logical system diagram Complete H/W and S/W logical diagram & development methodology
Sep. 20 – Oct. 31, 2018
Q4. 2018 – Q1. 2019
Form promotional & regional partnership for Asian market
Complete 1st vehicle system Launch BlocVehicle services (vehicle app, data, dealer & sharing services)
Form promotional & regional partnerships for U.S. & European markets
Complete 2nd vehicle system Launch vehicle link service for used car providers
Globally, over 90 million transactions of used-vehicles took place in the year of 2016. According to the latest report from Technavio, the total number of sales of used-cars is estimated to increase even more, with more than 128.42 million sales to be expected at the year of 2021, having the compound annual growth rate of the market to exceed 7% in its progress. The sheer volume of tourists and travelers worldwide-who are the majority of the users in car rental business – is increasing in its numbers as well, exceeding 1.2 billion at 2017 and is expected to have its annual growth rate higher than 4%
The End Goal of BlocVehicle
The ultimate purpose of BlocVehicle is to breathe life into a new form of an ecological system of sharing and buying/selling vehicles between BlocVehicle users, primarily by basing its system on the car history data that is uploaded to a blockchain. The basic foundation of such system differs from the ones of traditional car rentals or used-car dealerships, since the data enables each individual to buy, sell, and/or rent, their used cars without having to go through an agency.
What BlocVehicle hopes to Achieve
BlocVehicle is creating an unprecedented ecology that is centered on car history data. This type of infrastructure, by providing complete transparency on the value evaluation of an automobile, will be able to advance the automotive industrial ecosystem into that of a much clearer field.
The current market of used-cars and car-rentals are faced with many obstacles:
- The data of a vehicle’s history was not accessible to a single individual, since it is uploaded to an independent, third-party database.
- As a seller, it is difficult to sell a car at your own price, since the buyer will not be able to confide in the information that you provide.
- As a buyer, it is difficult to purchase a vehicle at its most reasonable price, since the dealerships of vehicles possess total control over provided information regarding the vehicle’s condition.
- As an individual, it was not systematically possible to lend your car on your own, since there was no guarantee if the vehicle will be in a safe condition to drive.
- As an owner, the insurance fee that you had to pay was non-negotiable, since the records of your
vehicle’s maintenance were preserved at multiple third-party sites which were not open for viewing.
BlocVehicle, however, utilizes the blockchain technology so that its users may be able to access their
personal car history data, which can be used in our system as a means of generating profit.
In the current market, the history data of a vehicle is updated every time a vehicle goes through a maintenance procedure, and is uploaded to insurance companies and automotive service centers, where it becomes unreachable to the public. On the contrary, this is where BlocVehicle mainly operates – through perfect transparency.
BlocVehicle’s plan is to create a massive P2P trading platform where it may be possible for its users to trade all types of second-hand item, from small-scale commodities such as designer bags, to motorcycles or even yachts.
More Information Contact :
Website : http://ico.blocvehicle.com
Litepaper : https://ico.blocvehicle.com/pdf/BlocVehicle_litepaper_EN.pdf
ANN Thread : https://bitcointalk.org/index.php?topic=4836155.0
Facebook : https://web.facebook.com/BlocVehicleico/?modal=admin_todo_tour&_rdc=1&_rdr
Medium : https://medium.com/@blocvehicleinfoinfo
Twitter : https://twitter.com/BlocVehicle_com?lang=en
Telegram : https://t.me/joinchat/JHrrghLAiy06i-vc4H_6Mw
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Author : Upik05
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