carVertical are aiming to tackle several issues that potential car buyers and sellers have been facing for years. Firstly, a lot of historical data about vehicles is either difficult to access, patchy, or scattered around a number of different sites. It may not even be publicly available, which can lead to a huge amount of uncertainty and risk when buying a used car. Again, if you are unable to unveil the entire history of a car’s life, you may end up paying inflated prices not just privately, but also at small dealerships. And what’s more, data stored about a car on one centralized database may not be shareable with other databases.
Putting it all Together to Tackle Fraud
Forbes estimates that odometer fraud costs $1 billion a year, and in Germany it is thought to affect one in every three buyers. These stats need to reduce, and fast. Thankfully, blockchain tech provides the ideal opportunity for a complete and secure record of a vehicle, and carVertical are using the technology to bring this to buyers and sellers.
The blockchain-based solution will compile all available data on a vehicle by using various sources, both public and private. These will include country registries, service databases, APIs, insurance and leasing companies, and crime databases, to create the most complete picture of a car’s life that has ever been seen. The data will be impossible to manipulate, meaning that if carVertical were to become established, there would be a 0% odometer fraud count. This is a lot better than the German-quoted 33%!
carVertical will be bringing a range of products to market, starting with their database and wallet application. The wallet will allow users to manage and update their car’s details, ensuring that records remain complete. In December, they self-invested 80,000 Euros, and are now on schedule to roll out the wallet in the next few months. Indeed, their ICO was successful, generating 100% ($19.9 million) of their target. So, we shouldn’t have long to wait to see how carVertical progress in 2018!