Carblox wants to capitalize on the trillion-dollar global vehicle market and the migration of the auto industry to digital with its blockchain-based data offering for buyers, sellers and insurance providers alike. They are betting that their technology removes the friction from the automobile industry tied to costly middlemen and in some cases fraud. Carblox is a decentralized vehicle registry that uses blockchain and the IoT to disrupt the automobile market as the world has come to know it. But for all of the blockchain's merits, it can't go back in time. So, this technology can only foreseeably be relevant to new cars whose history is documented from the first day the vehicle leaves the lot.
The upcoming ICO is scheduled for Jan. 10, 2018 and the Carblox ICO pre-sale is happening now. The Carblox ICO pre-sale is selling tokens at a rate of 1 ETH = 7,500 CRX. The startup has raised USD 243,509, or 15 BTC, so far across 18 investors. They have sold 4.2 million of their ERC-20CRX tokens of a 12 million maximum.
At the core of the upcoming ICO is a platform comprised of a database with information reflecting the life cycle of a vehicle. Data is stored on the Ethereum blockchain and includes automobile features such as engine size, mileage, maintenance history, model, repairs, accident history and more. These are some of the features that can be manipulated if someone wants to, which can hurt car buyers in the secondary market, insurance providers and more.
Considering the authenticity and unalterable nature of the information on the blockchain, this gives both parties in a transaction as well as the insurance provider, for instance, more confidence about the vehicle in question.
The Carlbox Roadmap
The company has outlined a series of milestones that it plans to achieve, and it goes through 2021 and beyond. The product appears to be in prototype format now, with plans to release the platform in Q2 2018. Carblox wil use 70% of the proceeds fro its upcoming ICO toward product development, with the balance being directed toward operating expenses, marketing, etc. The startup's CRX tokens are used to pay for access to data on the platform.