Bitcoin has hit $14,000 and shows no sign of a slow pace. But all this digital currency fever wouldn’t have been possible without a technology that is currently bringing organizations, governments, companies or payment platforms into a new digital era - blockchain.
CarFix, an online car repair service, chose to base its new project exactly on this game-changing component. Since it made its debut on the market, one year ago, CarFix managed to help over 50,000 customers and through VLB (Vehicle Lifecycle Blockchain), a utility token based on Ethereum ERC20 protocol, hopes to assist even more.
The idea behind VLB is that it helps CarFix deal with demands for the entire vehicle lifecycle, including car brand dealers, insurance companies and or auto lenders. The technology fits perfectly and should develop quite nicely on the existing ecosystem and software systems.
But how does this miracle technology actually work?
The blockchain is an open, distributed ledger that can get two parties together to exchange deals in a verifiable and efficient way. Without it, cryptocurrencies would still represent a basement project, with no real future. Basically, blockchain technology brings contracts and transactions to the digitized world. No more lawyers, brokers or bankers, just plain peer-to-peer exchanges, without transaction fees.
Contracts and transactions are built in digital code and, alongside the record of these transactions, are maintained in a transparent, shared database. The Vehicle Lifecycle Blockchain joins in with the same values, having a decentralized and distributed database. They will deploy the blockchain and reach decentralization in two steps, beginning with CarFix acting as a developer to provide the critical mass of blockchain users needed. Then comes stage two, when the blockchain will be adopted beyond the CarFix ecosystem.
Information about vehicle ownership, insurance history, repair and maintenance records will be recorded through the use of VLB Tokens. 250 million will be issued, and 80 percent of them will be available for purchase during the Initial Coin Offering. All VLB Tokens that won’t find a buyer during the ICO will be liquidated. Tokens won’t be hard to use, with Paying Participants using them to record transactions in the blockchain.
Afterwards, they will be able to use its benefits for their respective businesses. Paying Participants have a vital role in the process, as they will also be the ones that will generate demand for VLB Tokens and will acquire them through crypto exchanges.
Auto repair shops, spare parts producers and distributors, vehicle manufacturers, insurance companies and auto lenders will enter this category, while car owners and corporate vehicle fleet management companies will have the possibility to enter both the “Non-Paying Participant” and “Paying Participant,” depending on the situation. Government institutions that maintain ownership records and regulate emission levels and other technical requirements are going on the “Non-Paying Participant” side.
The hype behind the blockchain technology will surely help VLB find its path, especially when CarFix founder Oscar Hartmann speaks so confidently about the project. He believes that car owners, corporate fleets, auto services, manufacturers and distributors of spare parts, automakers or insurance companies will take their share. For purchasing VLB Tokens, you can use Ether, the cryptocurrency that has traded above $500 recently.
For more information about the project please visit the official website: http://vlb.io/ and read the whitepaper: http://vlb.io/Whitepaper.pdf