CarBlock’s Blockchain Ecosystem Revolutionizes the Way Driving Data is Distributed for the Automotive Industry

Recently launched blockchain project looks to disrupt the automotive
industry with innovative driving data and strong partnerships.


MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–#autotechCarBlock,
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
    safety.
  • 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
    inadequate.
  • 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
    proper incentives.
  • 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
advisors.

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.

About CarBlock

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
applicable law.

Contacts

CarBlock
Christina Lockwood, 909-800-5322
Public Relations
christina@carblock.io