Blockchain for Vehicle History Industry: 5 Ways to Succeed
Like bread and butter, like rain and umbrella, like gin and tonic – some things are simply meant to complement each other. And it is also the case with latest digital technologies, such as blockchain, which is perfectly suited to be matched to databases or registries that require history log. The industry of vehicle history reports, for example. Let us examine it in more detail.
carVertical‘s de-centralized, public and free registry will bring more transparency to a used car market, often famous for unfair trade practices (odometer rollback, hidden damages, etc.).
But what does the statement “public and free” have to do with business?
carVertical points out 5 ways to succeed:
1. Building global and de-centralized vehicle history registry.
Even though the registry itself is public and free, it will build trust, transparency and will become a fundamental factor for further monetization of activity. carVertical will gather data from multiple sources, such as insurance companies, leasing firms, as well as state registries, and make it public.
2. Developing vehicle history reports for private customers.
3. Developing API for large business customers.
Big companies, such as insurance, leasing, claims handling services and others are constantly in a great need to expand the list of their data sources. carVertical will provide an API (automated programming interface) for such companies, which can be easily integrated within their in-house systems and supported 24/7.
4. Launching “white label” solution for self-employed people.
Even if you have a good team, it really takes time and effort to build car history database and establish appropriate B2C business model. So carVertical came up with the decision to provide white label (franchise) solution to everyone who wants to run such business on their own. carVertical will provide access to the data, CRM, website templates, automatic reporting creation system, and payment processing for a monthly or single fee.
5. Developing carWallet – a virtual car ID.
carWallet is the mobile gateway to virtually manage your car’s registration and maintenance records, perform insurance or technical inspection tasks.
Imagine you have just bought a second-hand car. You install a carWallet app on your mobile device, authorize via identity platform and claim your ownership. That is all: the virtual ID of your car has been created.
carWallet will gather information from state registers as well as other official sources and assign it to the appropriate ID. Besides basic car information, the carWallet will as well contain the information about the validity of insurance, vehicle maintenance schedule and technical inspection dates. For the owner, this is an attractive possibility to emphasize the value of the car by leaving all the maintenance records on the blockchain. For carVertical, this is an enormous tool to monetize the business by becoming an efficient sales channel for insurance or the maintenance-related services.
All major automakers, including Volkswagen, Toyota, Porsche and Daimler, have also taken steps to investigate or integrate blockchain technology. Experts predict, that by 2025, participants in the automotive sector are expected to spend approximately 0.6% of their total IT spend on blockchain technology, alone.