Blockchain developers recently created and launched their new project — CarTaxi — the first global service for towing vehicles based on blockchain.
The Russia-based platform brings together all car towing companies and claims to be already revolutionizing the market. In only 2 months from its initial launch, CarTaxi has already established itself in over 15 cities. As the global platform nears launch, CarTaxi is organizing a Pre-ICO campaign set to go live on Aug. 30, 2017.
The world market capacity of towing service is estimated at over 26 bln. USD. With more private and commercial vehicles hitting the roads, the need for efficient towing services has increased due to vehicle breakdowns, motor accidents, improper/illegal parking, impounding, etc. Ensuring obstruction-free traffic, enforcement of law and order, and even the convenience of vehicle owners, will become a priority.
By using blockchain and cross-platform programs, CarTaxi has created a network of registered and licensed car towing service providers. This project has made major breakthroughs in the quality of the service provided for corporate and private clients.
CarTaxi introduces accountability to an industry which is mostly fragmented. It provides easy access to the right towing company at the time of need. The platform’s application makes towing service accessible with a single touch of a button on any smartphone.
This blockchain based service currently claims to have over 1500 registered car towing companies in its database.
With the blockchain implementation, CarTaxi gains an advantage over traditional aggregators, enabling global expansion in no time. It uses blockchain technology-based on Ethereum and expedites payment transactions between car towing service providers and token holders which altogether provides transparency in the oversight of company activity.
Smart contracts provide interfaces for operating business processes, starting from registering a new client and getting a new towing service provider connected to successfully completing a client’s order and settling payments with service providers and investors. With every new order, the smart contract records the client’s coordinates, vehicle parameters and estimated time of arrival of a tow truck.
If a car towing company does not reach its destination within the estimated time — it will be subject to penalties. The car towing service provider checks the order details and conducts an inspection for vehicle damage(s). If the details don’t match, the smart contract does not allow to proceed to the next step — loading the vehicle. When the order is completed, the program analyzes the final parameters and automatically pays the towing company.
Smart contracts include basic mechanisms of DAO: Token holders vote on dispersing company revenue.
Control over order fulfillment is especially important because the company plans to provide services for vehicle transportation over large distances, between cities and countries, in difficult logistical scenarios.
The upcoming Pre-ICO on Aug. 30, 2017, will go on until Sept. 19, 2017, which will be followed by the official ICO campaign set to begin on Sept. 29, 2017, until Oct. 29, 2017. CarTaxi has set a total cap of 500 million CTX, of which 12.5 million will be available in pre-sale and rest at the time of ICO. During pre-sale investors can purchase CarTaxi tokens with a 45% bonus.
The proceeds from token offering will be invested in further development of CarTaxi’s service. CarTaxi has scheduled blockchain activation during Q4 2017, followed by its expansion into USA and China in 2018 and Europe in 2019.
With the opening of representative offices in India and South America, the platform should be available worldwide by 2021.
Edited by G. Davila