The new venture, called VLBToken and based in Estonia, is developing the Vehicle Lifestyle Blockchain (VLB), a platform that promises to offer transparency into the data and history of a car’s lifecycle, and make interactions between businesses and individuals seamless and cost efficient.
The VLB platform will introduce a decentralized registry where all information related to a vehicle lifecycle from the production door to the junkyard, including vehicle ownership, insurance history, repair and maintenance, are recorded and made transparent to both businesses and consumers.
The system will enable industry participants such as auto manufacturers, insurers and spare parts producers, access and share relevant information. It will provide accountability: awarding those who act faithfully and vice versa, allowing users to trust that their transactions between one another are authentic.
VLBToken said the Ethereum-based platform will provide many benefits to users including enforcing warranties, maximizing the resale value of vehicles, ascertaining the authenticity of spare parts, and more accurate and cost-effective insurance claim management.
“With the advancements of hardware within the automotive industry we saw a disconnect when it came to an advanced software,” said Oskar Hartmann, co-founder of VLB.
“VLB streamlines one of the most antiquated industries in the world when it comes to car services and transparency. We strongly believe that our blockchain technology can provide all those involved with a positive value and create significant clarity for users interacting with the automotive industry.”
Industry participants will be required to spend VLB Tokens in order to have their data recorded and broadcasted on the blockchain. These will also receive payments in VLB Tokens for access to this data from consumers and interested parties.
The implementation of VLB will occur in two stages: the first will be a launch in a controlled environment with several industry participants and CarFix acting as a moderator; and subsequently, a deployment beyond CarFix’s business by a consensus mechanism.
CarFix is an online-to-offline auto repair platform that claims serving 250,000 users, including ten of the largest space parts distributors in Eastern Europe and 500 repair shops.