Recently launched blockchain project looks to disrupt the automotive
industry with innovative driving data and strong partnerships.
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–#autotech—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.
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
- 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
- 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
- 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
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.
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
Christina Lockwood, 909-800-5322