Solving Long-Standing Problems in the Automobile Industry Through Blockchain
With the advancement of technology, more players are entering the mobility industry – from cab drivers to mechanics and used-car dealers. This has grown to include various digital innovations related to repair, insurance, carpooling and ride-hailing. Within this complex ecosystem, MVL has identified three main issues within the industry to tackle:
Regulation based vehicle industry – Leading to a lack of motivation for people to drive well, as the baseline is simply not to get caught.
Independent tech-based ride-hailing services within the market – This benefits investors, shareholders and founders most, although it is drivers and users who fuel the services’ growth.
Disconnectedness of various platforms (e.g. different ride-sharing apps globally) – These inconveniences consumers as they are not able to cross platforms and access their data.
By applying the blockchain technology which tracks a vehicle’s activity and continuously collect data, MVL addresses these issues through gathering transparent data becomes the foundation which leads to a higher level of trust in the industry. For example, mechanic shops and individual mechanics who provide good service and record repair data accurately will receive incentives.
Moreover, professional or regular drivers will be fairly rewarded for driving safely and recording driving data. Subsequently, since customers who want to buy used cars can see its maintenance, repair, and driving data, they will be less concerned about being overcharged as there is clear data on the car’s state.
Abstract from: https://www.chipin.com/mvl-announces-coin-generation-event/