Carfix, an auto repair service company, is planning to launch the VLB token through an ICO to create a transparent ecosystem in the automobile industry.
Although the use of blockchain in traditional, offline industries has been growing, the use of blockchain in the automobile industry was always going to be an interesting experiment. However, Carfix has now initiated the use of the blockchain in the automobile industry.
VLB stands for a vehicle life-cycle blockchain. It is based on the Ethereum platform. It is designed to ensure that the safety of cars is increased and also the maintenance cost is decreased.
Currently, the company is synchronized with over 500 different repair shops in its network which ensures that the use of this token is increasing significantly. Many of the larger car dealerships are also in contact with the company. In total, the company so far has processed 250,000 car repairs and has serviced the cars of over 50,000 clients.
The main advantage of this system is that due to the blockchain technology, the information about the cars can be stored very easily. This ensures that whenever there is a repair request or whenever there is any communication from the side of the customer, the entire information can be easily accessed by the car repair center. This ensures that the car repair center is able to take action according to the history of the car and by verifying the specifications of the car.
Most of the people do not trust the car mechanics. That is why, if the transparency is achieved in car repair and maintenance, it would be preferred by car owners. Also, this is clearly evident from the fact that more and more customers are using this token in order to get their car repaired. Also, this would also eliminate the problem of car manufacturers hiding any kind of defects in the vehicles as all the information would be readily available using the blockchain technology. Also, if any kind of defect is detected, it would be sorted out pretty quickly and can be repaired by the independent repair shops as well.
This token would also help the insurance companies in order to reduce their cost as they would be able to verify the claims of the car owners directly. The number of fraudulent claims would decrease significantly.
Currently, the platform is also working to integrate various insurance companies so that the process of claim automation, as well as synchronization of information with the insurance companies becomes automatic.
The VLB ICO is scheduled to start on November 27, 2017. The company hopes to raise 30,000 ETH. Around 10,000 ETH worth of tokens have already been sold to private investors.