Buying and servicing a vehicle has never been easier.
From registration to insurance and even selling an auto has been transformed by digital solutions. Or has it?
There is still huge room for improvement in streamlining the approach to relationships in the auto sales, auto repair, auto insurance and auto finance industries.
So step forward, CarFix, issuer of the Vehicle Lifecycle Blockchain (VLB) token, a company that wants to reshape the $1.8 trillion vehicle lifecycle industry by integrating blockchain technology.
In the company’s words, it wants to ‘change the face of one of the most obsolete industries in the world’.
The company has announced its ICO for the VLB token on 27th November and follows a slew of industries this year that have eschewed VC money, crowdfunding or an IPO to raise money.
The VLB hopes to usher many vehicle lifecycle industry players such as vehicle manufacturers, dealers, repair shops, insurance companies, spare parts distributors and others into a new 'era'.
Carfix wants to streamline repair costs through the blockchain.
Proceeds from the ICO will be used to develop and implement a blockchain platform for the vehicle lifecycle industry to bring transparency and immutability to everything that happens to a car from the moment it comes off the factory floor until the time it is recycled in the junkyard.