CarBlock's Blockchain Ecosystem Revolutionizes the Way Driving Data is Distributed for the Automotive Industry
March 20 2018 - 8:05PM
Business Wire
Recently launched blockchain project looks to disrupt the
automotive industry with innovative driving data and strong
partnerships.
CarBlock, the world’s first decentralized blockchain ecosystem
that is specifically designed for future transportation
applications just launched, with the intention of addressing the
major pain points in the current connected car and transportation
industry.
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Learn more about the newest blockchain
ecosystem to disrupt the auto industry! (Graphic: Business
Wire)
The pain points the company aims to solve are:
- Data Ownership - Vehicle and
driving data can be used to derive insights about people’s
lifestyle and preferences and is therefore invaluable. Without
advanced data encryption and strict authorization, there is a huge
potential threat to people’s personal privacy and safety.
- Data Collection & Accuracy -
The majority of vehicle purchases worldwide are not new vehicles.
In fact, the average car on the road in the U.S. is 11.5 years old.
This means it will take many years before the majority of vehicles
on the road come standard with accurate and embedded data sensors,
leaving the current solutions for collecting, transferring, and
storing vehicle data inefficient and inadequate.
- Data Exchange - The rights to
use and distribute data should belong to the person who contributes
the data. Currently, the data drivers generate often does not
belong to them. For instance, the navigation software knows where
we are going and pushes relevant ads. This is precisely why the
connected car industry has made little progress; users are not
motivated to provide relevant data without proper incentives.
- Application Infrastructure -
While there is vehicle data available to small companies, the data
is extremely scattered and insufficient in scale to provide any
significant value for building transportation applications. The
viability of connected car applications ultimately relies on an
infrastructure that can support the safe and automated circulation
of massive amounts of vehicle data.
CarBlock’s ecosystem is built on extensive research and adheres
to the following fundamental principles in order to address current
pain points and disrupt the traditional automotive industry:
- The ownership and interest of all
data should belong to the data provider, in most circumstances,
the car owner. This is where the regulation are headed, and car
owners are the foundation of CarBlock’s ecosystem, and serves as
the link between business and data.
- CarBlock will not profit as the
middleman in the data marketplace. CarBlock will ensure the
free circulation of data and decrease the friction during this
process. The purpose of transaction consumption is to merely cover
the cost of the system. CarBlock will even subsidize individuals,
teams, universities, and research institutions with creative
capacity if CarBlock sees the potential for those offerings to add
value to the ecosystem.
- Data circulation will create a
mutually beneficial situation for all participants within
CarBlock’s ecosystem. Car owners can earn token rewards for
providing data and in return, receive more accurate or reduced
pricing for services based on the data they provide. Automotive and
transportation companies can leverage the enormous amounts of data,
that ultimately drives competition to come up with better, more
targeted, products and services built on the data received through
CarBlock. All innovators will have to access to the data they’ve
been longing for to build more creative services and applications
upon it.
“As veterans of the car industry, we have seen the need for a
transparent ecosystem for all vehicle data to be collected and
shared in safe, secure, and mutually beneficial way,” said Alex
Lee, Founder of CarBlock. “We are confident that through the use of
blockchain, CarBlock’s ecosystem will meet the needs of drivers,
developers, and manufacturers worldwide, creating a better driving
experience and additional revenue opportunities for everyone on the
road.”
CarBlock’s first partnership is with one of the world’s leading
connected device companies, nonda. nonda will be the first to use
CarBlock tokens (known as CAR) as a reward to current users who are
collecting valuable data on a daily basis. nonda’s ZUS Connected
Car System provides aftermarket car safety products, like vehicle
health monitors and backup cameras, that allow every car on the
road to become a connected car - and eventually, a token mining
machine.
CarBlock has built a team of seasoned entrepreneurs and
developers, and received great feedback and support from industry
renowned investors and advisors.
CarBlock will issue CAR tokens as the currency for the future
transportation industry. CAR tokens can circulate immediately after
being issued via nonda’s current business and is expected to expand
to additional partners in Q2 of 2018.
About CarBlock
CarBlock is the world’s first blockchain-based transportation
solution built on data generated by smart devices. This circulation
of car data on the blockchain is set to disrupt the entire
connected car industry. You can find out more information about
CarBlock, its partners, and current happenings find us at
carblock.io or join our Telegram group at t.me/carblockofficial
FORWARD LOOKING STATEMENTS: This news release contains certain
forward-looking statements, including statements regarding the
appointment of advisors. These statements are subject to a number
of risks and uncertainties. Actual results may differ materially
from results contemplated by the forward-looking statements. When
relying on forward-looking statements to make decisions, investors
and others should carefully consider the foregoing factors and
other uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to
update any forward looking statements, oral or written, made by
itself or on its behalf, except as required by applicable law.
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CarBlockChristina Lockwood, 909-800-5322Public
Relationschristina@carblock.io