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The company plans on bringing transparency to the used car market, offering rewards to users who keep their vehicle history up to date.
BlocVehicle is developing a platform which will allow private individuals to sell or buy used cars without involving any agents. Furthermore, the company plans on becoming an ‘Airbnb for cars.’ With the creation of the vehicle token (VCL), BlocVehicle has created the means to incentivize car owners to disclose their vehicle data.
BlocVehicle Comes From a Consortium of Five Companies
The $2.6 million initiative was born out of a consortium of five companies based in Singapore — BaNET Information Technology Co. Ltd., Saltware Inc., Softbase Inc., Compass Systems Inc., and ICK International Inc. Chang-ha Lee, BlocVehicle’s CEO, says the plan is to build ‘a foundation of a network that deals in ‘P2P vehicle transaction.’
The used car market has been on the rise, registering a total of 90 million transactions in 2016. By 2021, that number is expected to reach 128.42 million, at a compound annual growth rate of 7%. As for the rental car business, it exceeds 1.2 billion transactions with higher-than-4% annual growth rate. To top that, at any given moment, there are always 1.2 billion vehicles being driven.
BlocVehicle hopes to make use of these existing vehicles and encourage users to jump on their platform. Just like people can rent out their unused property on Airbnb, they should be able to do the same with their vehicles. What’s more, the platform will give you visibility over the vehicle’s history so you’d always know what you’re renting out in the first place.
Users will be able to upload pictures and vehicle data to the platform, such as changing oil, or parts replacement. BlocVehicle will enable P2P used car deals, bringing down the cost of selling a vehicle to users.
Grab Yourself a 70% Bonus — Pre-ICO Starts Today
The pre-ICO starts today, and you can get yourself a 70% bonus if you decide to support the project. At the moment, BlocVehicle is only accepting Ethereum, and it is requiring a minimum contribution of 1 ETH equalling a total of 8,500 VCL.
Once the ICO kicks-off on September 20, bonuses will range from 50% to 25%. Throughout the whole campaign, the VCL value will remain the same — 1 EHT to 5,000 VCL. The company has issued 1,000,000,000 VCL out of which 40% have been allocated to the ICO campaign.
To read BlocVehicle’s whitepaper, you can access it here.
For more details on BlocVehicle, and to join the Pre-ICO, you can click here.
Article First Published here