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A Blockchain and an ICO that should interest car owners

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November 20, 2017 | 

Joanna Newman |  0 Comments| 

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A Blockchain and an ICO that should interest car owners


Most car owners pay significant amounts each year for the maintenance or repairs of their vehicles.
But very often these same owners do not understand much about mechanics or electronics and are forced to trust their mechanic, sometimes wrongly.
Often the ecosystem surrounding the automotive industry, including banks, insurance companies and manufacturers, is complex and inefficient.
With regard to insurance, for example, 23% of operating costs result from claims management, because of the old and inappropriate methods that are used.

Blockchain technology at the service of motorists


It is in this context that CarFix, which issues VLB tokens, is now using Blockchain technology to provide auditability, clarity and immutability.
And that by bringing together all the industries of the automotive sector and making them work together thanks to its Blockchain.
CarFix already has 500 repair shops and 250,000 customers, as well as 10 distributors and large customers like Uber.
CarFix has already raised $ 5 million for its investments.
The next step must be the deployment of their "Blockchain Vehicle lifecycle" which will be powered by chips named VLB.
The use of chips is expected to begin in the first six months of 2018.
As the system evolves, participants who meet the consensus requirements will be able to act as validation nodes.
It is very likely that this blockchain is spreading to the whole world, because car manufacturers and the different participants in the industry will act as super nodes.

CarFix launches a promising ICO


VLB tokens will be sold at an ICO between November 27 and December 27, 2017.
The ICO will be capped at 300000 Ether and there will be a bonus for the first investors.
A total of 200 million chips will be placed on the market.
10,000 Ether have already been paid by institutional investors which adds value to this ICO.
This project is expected to have a strong impact on the automotive industry as well as on drivers, mechanics or even factory employees.
This platform should ultimately bring transparency to the aftermarket, fraud and overbill issues and the safeguards process.
If you are looking for an interesting ICO with a high potential for tangible achievements, you can find more information on the VLB website.

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