What is BlocVehicle?
BlocVehicle is an economy of sharing service, where anyone can buy, sell, or share their used cars directly with others.
This platform allows people to buy or sell their used cars without any interference from dealerships. It is based on reliable vehicle history data so that people can directly conduct transactions of their car based on P2P network, and create ecology of transparency and equality.
This platform enables generation of profits by leasing out individual cars. By sharing vehicle history data, anyone can rent a car easily at reasonable rates, which can become a foundation of an economy business model, based on vehicle sharing.
BlocVehicle is for everyone; providing quality P2P used-car transactions and convenient P2P car-sharing services.
Goal of BlocVehicle
Combining blockchain technology with the rental market and the used-car industry,
BlocVehicle is expected to bring great changes to the ecosystem of the available
services.
BlocVehicle enables users to store and retain data of their own cars, motorcycles,
campers and yachts on a blockchain-based public ledger, and will have, similar to
what Facebook does, information on users’ cars to be shared with other users. Thus,
a car without its maintenance data not made public will not be able to find a place on
the market.
BlocVehicle will create the world's best service platform for the used car market,
offering a transparent and fair P2P trade system based on a car’s maintenance data.
Moreover, BlocVehicle will embody the model of a sharing economy in the industry.
As part of its plan, an “Airbnb for cars“ service platform will be provided allowing
anyone to lease a car to a residents of the same region, or travelers visiting the
region, and generate profit through a P2P based transaction.
BlocVehicle will cooperate and coexist with automotive service providers rather than
compete against them. By connecting existing businesses to the BlocVehicle Network, technical support will be provided to ensure the innovation of their business models for compatibility with blockchain.
Mission of BlocVehicle Team
The mission of the BlocVehicle Team is to build a decentralized blockchain-based
network that will allow all users to store their car history data in a public ledger, and to
make it accessible.
The data, produced under qualitative and quantitative methods, will be integrated and
stored in a blockchain-distributed ledger. The qualitative data refers to the photos and
video clips of a car’s lifestyle that can be produced by smartphone apps, while the
quantitative data are more specialized and technical records produced by auto repair
centers, insurance companies and third-party APIs.
Users will have full ownership of their automotive history data that they have created.
Those who wish to obtain these data must acquire approval from the owner and
provide reasonable reward to its owner. In addition, off-blockchain storage will be set
up for data backups and other purposes that will present more opportunities for
participation.
By issuing its own cryptocurrency vehicle (VCL) tokens, BlocVehicle will form an
economic ecosystem in the network, and those who contribute to this will receive VCL tokens commensurate with their contribution in the system in methods such as data production.
The tokens will be the only form of payment/reward for all services
provided within the BlocVehicle's ecosystem, and they will further be used as a means of payment for car repairs, insurance and other related activities outside of the
ecosystem.
Blockchain! New Ecosystem for Automotive Service Industry
In this hyper-connected society, people can be connected to each other online,
regardless of time and place. In 2007, the emergence of the Apple iPhone spread the
use of smartphones in our society and largely expanded online accessibility. Without
constraints, people can now share their lives through Facebook, YouTube and Twitter.
In a much similar regard, Airbnb offers travelers approximately one million rooms in
over 34,000 towns in 190 countries. In light of this, blockchain technology will be
gradually applied to more fields such as finance, logistics, health care, and public and
tourism services, creating a new P2P economic ecosystem.
By applying blockchain technology to the vehicle industry, BlocVehicle will ensure
that:
Any person will be able to save their car history data on the blockchain’s
public ledger, which then may be open to the public.
The asymmetry in information will be resolved by creating a transaction
platform for used cars, a platform that will be based on P2P network.
A service platform will be created to connect travelers to vehicles around the
world
Apparently, service providers find it difficult to abandon their existing legacy systems
and adopt a new service based on blockchain technology. To address the issue,
BlocVehicle will provide technical assistance and measures that may help in utilizing
blockchain technology with the existing legacy system connected to BlocVehicle
Network.
Production and Possession of Vehicle Data
Blockchain will change the way vehicles are evaluated. Reports from experts on a
vehicle’s evaluation will not be necessary anymore; instead, the collective intelligence
of network participants will become the new standard in the evaluation mechanism.
Facebook may be the best example to showcase thi. By seeing photos and video
clips of other people's lives, Facebook users get to empathize with them and build
trust and friendships. In other words, it is now possible to create a bond of trust
through sharing one’s lifestyle history.
Just like Facebook does for people, BlocVehicle will produce photographic and video
data on the maintenance events of a vehicle. Users can store, possess, and share
their photos and video clips showing how their cars have been managed, which will
ultimately be shared through blockchain with others.
What is Vehicle Data?
Vehicle data is information on a vehicle’s lifestyle history.
Vehicle data includes photographic and video data of a vehicle’s life and information
on maintenance, like oil change or air filter replacements. Such data are not limited to
vehicles - motorcycles, campers, sailboats and other commodities will be up for public evaluation as well, in the near future.
Vehicle data will become the ultimate standard for dealing used-cars and car rentals
through the P2P networks.
Vehicle Data Service
BlocVehicle's Vehicle App offers a simple way to create, store and retain vehicle data
in a blockchain public ledger which will be shareable with others.
If a third party such as a company or an employee wants to create vehicle data on a
user's car, approval should be obtained from the legal owner of the car who is subject
to VCL token rewards for creating data.
For employees of a third party, the vehicle data of their customers can be created by
installing BlocVehicle app on their smart devices and uploading the photos of
maintenance events to BlocVehicle via third-party API.
Integration of Vehicle Data
BlocVehicle can integrate into its network the maintenance data of a car, which is
currently stored in multiple locations, including insurance companies and auto repair
centers. As a result, the car owner can check the history of car repairs and
management details collectively and comprehensively
Reward for Production of Vehicle Data
VCL tokens will rewarded for production of vehicle data.
BlocVehicle has a VCL token pool specifically designed to reward producers of
vehicle data. Thirty percent of all tokens issued will be allocated to the VCL token
pool for the participants over a period of 30 years. This reward policy seeks to
encourage higher participation in the network and to vitalize the network's economic
ecosystem. The reward token rate and the rewarding method has not yet been
decided; multiple simulations will be conducted to sort out the specifics. Unlike Bitcoin, measures for mining VCL tokens will not be available.
Technical Details
Why is Blockchain Used?
In the current market, every system has their program and database separated in the
development stage. These are designed to be shut off, with each of them having
various security solutions such as F/W, access restriction, and encryption. 100%
secure protection is not possible to achieve, however, since a centralized control
system is susceptible to modification by a system moderator or an admin. Blockchain,
on the other hand, has no such authorities. Systemically, blockchain provides a
guarantee of its contents by having a collective group participating in its every step of
the way. When a transaction takes places, countless number of nodes executes the
same program simultaneously to verify the process, only terminating itself when the
verification is proven successful – making it next to impossible to duplicate or hack
the result of the transaction. This is only strengthened by the fact that the
communication protocol, source of the program, and the data is all made open to the
public via Internet.
This ensures that no single entity may have the power to control information, while at
the same time 100% secure protection is provided – the main reason that we have
chosen to utilize the blockchain technology.
System Structure
BlocVehicle Network is consisted of three layers and an off-block-chain storage. The
apps layer handles connection to all participants. The service layer handles
connection to the apps and core layers.
The core layer handles connection to the offblock-chain storage.
System Composition
BlocVehicle Network is built on the EVM-based decentralized application program
(DAPP). Currently, the EVM is actively used for the development of Smart Contracts,
making EVM a viable, working solution when considering the cost, reliability, and the
time it takes to develop a new platform. Therefore, BlocVehicle utilizes
Ethereum(ETH) as the main platform.
Three main components consists the BlocVehicle Network; (i) accounts, (ii) car data,
and (iii)VCL Token information. Since it is unrealistic to incorporate every single bits
and bytes of data into the blockchain due to the performance issues and the time and
cost the process may take, we have minimized the data that will be directly uploaded
to the chain by only including the hash values of the car history data, wherein the rest
(photographic and video) will be maintained at off-blockchain storage sites in
encrypted forms, which will be based on IPFS (InterPlanetary File System) network.
For more detailed information about the BlocVehicle project, please visit the link below:
Website: https://ico.blocvehicle.com/
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=4836155.0
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1917230
Eth: 0x9D70781Bd6A09c1359C956D5FeAf25483b5b63e9
