The car service startup plans to develop an ethereum-based system that is promised to bring transparency and immutability to the current vehicle lifecycle industry.
Blockchain holds great potential for the future of the automotive industry. Recognizing the benefits of the technology, vehicle producers, IT giants, and financial organizations are already exploring how it can be used in the auto market.
The team behind VLB Token believes the industry can be quickly transformed into an efficient and transparent ecosystem with the use of this innovative technology. VLB, or Vehicle Lifecycle Blockchain, is an ethereum-based platform that is expected to improve the current vehicle lifecycle industry, ensuring increased safety, lower costs and higher revenues.
The project was developed by CarFix, a Russian maintenance and repair platform that was launched in 2016. The startup has already grown into a major ecosystem that includes more than 500 repair shops, 10 largest spare parts distributors, and leading dealerships. So far, CarFix has processed more than 250,000 repair requests and served 50,000 clients.
The blockchain technology can be used to build a single unchangeable database containing information about every car. The data, which can be used by insurance companies, repair shops, car owners, and other market participants, is always up-to-date and authentic, what guarantees trust between the parties. Besides, it reduces costs by eliminating the need to manually enter and verify data several times.
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