Combining blockchain technology with the automotive industry, BlocVehicle is expected to bring great change to the economic ecosystem of the automotive service industry.
BlocVehicle enables users to store and retain data on their own cars, motorcycles, campers and sailboats in a blockchain-based public ledger, and like what Facebook does, information on their cars will be shared with other users. Thus, a car whose maintenance data is not made public will be considered being in poor quality, which is unworthy of purchase.
BlocVehicle will create the world's best trading service platform for the used car market, offering a transparent and equitable P2P trade system based on automotive maintenance data.
Moreover, BlocVehicle will embody the model of a sharing economy in the automotive industry. As part of its plan, an “Airbnb for cars“ service platform will be provided, allowing anyone to lease a car to residents of the same region or travelers and earn money through P2P trade.
BlocVehicle will cooperate and coexist with automotive service providers rather than compete with them. By connecting them to the BlocVehicle Network, technical support will be provided to ensure the innovation of their business models for compatibility with blockchain.
The mission of the BlocVehicle Team is to build a decentralized blockchain-based open network that allows all users to store their automotive history in a public ledger and freely access and distribute the data via the network.
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 automotive lifestyles produced by Smartphone apps; while, the quantitative data are more specialized automotive lifestyle records produced by auto repair centers, insurance companies and third-party APIs.
Users will have full ownership of their automotive history data that they create. Those who wish to obtain these data must acquire prior approval and give reasonable reward to data owners. In addition, off-blockchain storage will be set up for data backup and other purposes that will present more opportunities to users.
By issuing its own cryptocurrency vehicle (VCL) tokens, BlocVehicle will form an economic ecosystem in the network, and those who contribute to this will receive VCL tokens commensurate with their contributions such as data production. The tokens are only a medium of reward to pay for all services provided within the BlocVehicle's ecosystem, and they will further be used as means of payments for car repairs, insurance and other automotive purposes outside of the ecosystem.