Focusing on the essential: the blockchain-based products

2018-08-234 min read

Focusing on the essential: the blockchain-based products

In the era of postponed launches and fading of once promising ICOs, carVertical looks like a pleasant exception. While cryptocurrency markets rush up and down in rollercoaster mode, we stick to the real value - our products.

The summer of 2018 was hot on the beach, but freezing in the crypto world. Assets dropped and new ICO projects went to pending status. But the biggest disappointment to the community was brought by the projects which once ran successful ICO campaigns and raised the money they asked.

After a promising start lots of the “world-changing” projects lost their paths somewhere. Some have already died. Some declare they are still developing the products, but keep postponing the launch. Some turned out to be scams.

Meanwhile, carVertical is lucky enough to shine bright. A year since the idea was born and seven months after the end of the successful ICO campaign, company already has developed the first fully operational product. In August carVertical.reports were launched in the first two European Union markets: Lithuania and Estonia. Moreover, we are planning to enter at least two more EU countries this year.

Solving real problems

However, what distinguishes carVertical from the majority of ICOs is our main goal which indeed implements blockchain to solve a real issue faced by millions of used car buyers around the world.

"It’s a great idea that I do believe in. What I really really like is that it’s basically an idea that tries to tackle a real customer problem and a real user need,” carVertical advisor Olaf Zschiedrich, OLX Group CTO, has put it brilliantly.

We build world’s first decentralized vehicle registry.

While one by one entering new markets, we simultaneously develop our core asset which has been our flag from the very beginning. We build world’s first decentralized vehicle registry.

“A number of teams work on challenges on building such registry on a public blockchain. We have small test projects on Ethereum, IOTA and EOS. When we will be ready to show them, we will announce and provide addresses to check them out,” tells Audrius Kučinskas, carVertical CTO.

When registry will be fully operational, every car buyer around the globe will be able to get authentic and non-faked information about the specific vehicle, including its real mileage and damages list. All its data will be decentralized and tamper-proof.

But we’re planning to bring many more benefits to the users.

“Blockchainization” of everyday life

With carVertical, owners will actually OWN their vehicles data. In the future, where cars will generate more and more valued information, it will become a very desirable asset. So, you will be able to exchange your data for various car-related services and discounts, from insurance premium price to paying for parking or electricity charging.

As vehicle’s ownership will be also verified by blockchain, you’ll be able to safely transfer car to another user without a third party. There will be no need to waste time in public institutions when selling your vehicle anymore. Moreover, a few neighbours or friends will be able to easily buy and share the same car.

This also means getting rid of all car documents and driving licenses. All information will become lines of blockchain code.

On the other hand, blockchain-verified ownership will reduce theft risk, because it will not allow not verified persons to drive the car away.

That’s what matters most to us. That’s what we are working everyday for. Our product.

All in all, rewarding crypto-economics and blockchain convenience will encourage car owners to be fair and not to cheat. You’ll not only get rewarded just because you share your car data. When the time comes, you’ll simply sell your car at a higher price, because all its history will be stored in blockchain.

So, that’s what matters most to us. That’s what we are working everyday for. Our product.

As we’ll present more and more brilliant features of carVertical registry, as we’ll enter more and more markets and grow our consumer numbers, CV token price will follow.

Open the door, sit in our car and let’s drive to the transparent future of the automotive industry.