Vehicle Lifecycle Blockchain (VLB) Leverages Blockchain Technology to Bring Transparency and Trust To The Automotive Industry

vlb vehicle lifetime blockchain transparent automotive

The creators of CarFix, the maintenance and repair platform already used by 250,000 users, including 10 of the largest spare parts distributors in Eastern Europe and 500 repair shops, are now introducing VLB (Vehicle Lifecycle Blockchain).

In an industry overwhelmed by rapidly antiquated back-office solutions, VLB embraces leading blockchain technology to shake up the $1.8 trillion annual turnover in the auto industry and offer businesses and consumers full transparency in the market, resulting in reduced costs and more streamlined services.

Imagine the steps you go through when needing to rent a car. The process takes up time for both you and the rental company in order to confirm your identity and assess if you are qualified. Usually, there are high premiums associated with age, which isn’t an accurate portrayal of who you are as a driver. With VLB users can skip all the tedious paperwork and give the rental companies instant access to their history through the VLB data system. It does all the work in finding and keeping track of all the necessary information associated with the lifecycle of a car and it’s driver.

oskar hartmann carfix vlb cofounder

Co-Founder Oskar Hartmann

In turn, this will more accurately reflect rental costs, insurance costs, and all other costs associated with this process. Easily renting a car is only one of the many ways VLB’s blockchain technology will be able to modernize the automobile industry. The platform incorporates ride-sharing service providers, car manufacturers, spare parts suppliers, insurance agencies, car dealers, and more. VLB is quickly and efficiently giving users access to relevant information, so that processes are simplified, resulting in cost-savings for businesses and everyday car owners.

VLB introduces a comprehensive decentralized registry where information about vehicle ownership, insurance history, repair and maintenance records are recorded and made transparent to both business owners and consumers in the auto industry. The system enables users to access and share relevant information, resulting in easy communication, overall efficiency, and cost-savings for all parties. In addition, the system provides accountability: awarding those who act faithfully and vice versa, allowing users to trust that their transactions between one another are authentic.

The modern-day auto space is known to be one of the most innovative industries, creating the future of mobility and transportation including self-driving cars, flying vehicles, and more. VLB has recognized the need for updating the industry’s back-office functions to keep up with the rapidly changing market. The company’s mission is to disrupt the industry and create fair pricing, which will eventually trigger a trickle-down effect on even ride sharing economies or auto logistics, with the use of VLB’s innovative technology.

“With the advancements of hardware within the automotive industry we saw a disconnect when it came to an advanced software,” said Oskar Hartmann, Co-founder of VLB. “VLB streamlines one of the most antiquated industries in the world when it comes to car services and transparency. We strongly believe that our blockchain technology can provide all those involved with a positive value and create significant clarity for users interacting with the automotive industry.”

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About VLB

Vehicle Lifecycle Blockchain (VLB) is calculated to save a minimum of $35 billion per annum for automotive businesses worldwide. By using blockchain technology VLB is creating a single, cohesive ecosystem that is linking transactions and relationships between the automotive production, auto sales, insurance, auto finance and servicing industries and its users. Through the transparency it creates in the market, VLB increases business profit by rewarding efficiency, transparency, and quality, while discouraging price manipulation and market abuse.

Stay tuned for our upcoming in-depth article introducing VLB and its ICO and the exclusive Interview with the Co-Founder Oskar Hartmann.