Carblox is an ecosystem that harnesses, stores and validates vehicle data that aims to disrupt and fix worldwide car industry. At the core it is a decentralized vehicle registry that utilizes blockchain technology, cryptography, IoT and will help to buy and sell vehicles and vehicle related services in transparent, secure and trustworthy manner.
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Global vehicle market is being highly affected by middlemen, inefficiency, fraud and end-customer dissatisfaction.
Outdated business model
In terms of the business model required in the industry, last year over eight in ten executives believed there would be a major disruption in the near future. Research could suggest we’re in the middle of the change right now.
For all future business models, they’ll need to answer all customer’s worries of losing data for absolutely nothing in return. If we look back just two years ago, around 30% of people were fine with losing data and not seeing any compensation.
Used car market
Two-fifths (41%) of all consumer respondents reported experiencing at least one problem within a year of buying their second hand car.
Unfair commercial practices were experienced by a significant 25% of consumer respondents.
Lack of guarantees
Only 27% of respondents’ biggest problem was covered by any guarantee.
Up to 10% of сlaims for insurance payments are fraud attempts.
Lack of personalized offers
80% of insurance customers are looking for more personalized offers, communications and prices.
Insurance agents and brokers are using generalized calculation methods which are not custom tailored for clients. World's First network of vehicle marketplaces run on smart contracts and based on the blockchain. Buy and lease, sell and get data on demand on vehicles, insurances etc.
Based on the Ethereum blockchain
Ethereum is a flexible, reliable and scalable infrastructure that fully implements all the possibilities of the blockchain technology and smart contracts. The smart contract code is stored and executed in a distributed way, which means the guaranteed implementation of such contracts.
Transparency while maintaining privacy
The process of entering and accessing data on Carblox is transparent, while the use of blockchain, cryptography, digital signature system and distinct separation of access rights ensures privacy. Your data is only accessible to relevant state authorities and members to whom you have granted access.
Reliability and validity of the information
All information is stored in encrypted form in distributed storage, while its authenticity is confirmed by cryptographic methods based on data stored in the blockchain, thus guaranteeing the safety, invariability and reliability of the information.
Use of smart contracts
Transactions in the system, whether buying a car or purchasing insurance, are fully transparent and reliable for both sides. Smart contracts guarantee the fulfilment of the parties' obligations, eliminate human error and accelerate the transaction by getting rid of bureaucratic red tape.
Carblox is a decentralized system in all aspects. All layers (data storage, blockchain) do not have a common control centre. All code and data is stored and executed on equal participants of the system (nodes), thus platform development occurs with the consent of all participants of the system.
Integration through API
Operation of Carblox involved many members (car owners and buyers, insurance and leasing companies, car dealers and service stations, state authorities, smart device sub-system). A flexible API allows all participants to integrate their systems to work with the Carblox platform.