Blockchain technology is being utilised for the vehicle repair business with the creation of a transactional maintenance and repair platform by CarFix, which aims to disrupt the $1.8 trillion vehicle lifecycle industry, bringing transparency and immutability. The company has announced an ICO for its VLB token on the 27th of November.
By embracing blockchain technology, CarFix intends to streamline the relationships in auto sales, auto repair, auto insurance and auto finance industries. The outcome of this process will be Vehicle Lifecycle Blockchain which will cater to many vehicle lifecycle industry companies such as manufacturers, dealers, repair shops, insurance companies, spare parts distributors and others into a new era. Proceeds from the ICO will be used to develop and implement the blockchain platform.
CarFix has created a transactional software platform and an ecosystem of repair shops, spare parts suppliers and dealers where any repair job is priced via a transparent algorithm instantaneously, and can be booked in a similar manner to amenities such as hotel rooms. Implementing a software that establishes fixed prices for all vehicle repairs, the CarFix ecosystem currently encompasses over 500 repair shops, 10 spare parts distributors, major dealerships, and over 250,000.
Benefits of the Ethereum-based platform will include enforcing warranties, maximizing the resale value of vehicles, ascertaining the authenticity of spare parts, achieving more accurate and cost-effective insurance claim management.
Oskar Hartmann, Co-Founder and President of VLB, said: “We are thrilled to officially announce the ICO of VLB Tokens. VLB streamlines one of the most antiquated industries in the world when it comes to customer services and transparency. We aim to develop the Vehicle Lifecycle Blockchain, deploy it, first, within the expanded VLB ecosystem; and, second, beyond VLB in a decentralized manner with a distributed network of proof-of-stake nodes. We strongly believe that our blockchain technology can tap into the $1.8 trillion vehicle lifecycle industry to provide consumers with a positive value accretive experience and create significant business and cost saving opportunities for industry players.”