People work hard for their money and annual car repairs are pretty much the last thing people want to spend their hard-earned cash on. The car repair industry in particular is one known for ripping people off, grossly overcharging, and squeezing more money than necessary out of their customers. Since mechanics are notorious for cheating people, CarFix, the Moscow based startup operating on the Ethereum blockchain, has developed a platform that prevents people from getting ripped off and taken for the proverbial ride.
CarFix offers people fixed prices for their auto repairs, via a pre-arranged hourly price which the platform has already negotiated with the repair shops in their network. This prevents people from overpaying for services. This ecosystem is continuously growing, and will be further empowered by the blockchain core premises of decentralization and immutability of records. In essence, CarFix is bringing trust to an industry once considered “trustless.”
Backed by $5 million euros, CarFix has just announced that it is gearing up for its first ICO, with the hopes of bringing fairness and transparency to the vehicle lifecycle industry, as well as saving people money. CarFix’s token is called “VLB” and the ICO is planned for November 27th. Proceeds from the ICO will be used to develop and implement a blockchain platform for the vehicle lifecycle industry, to bring transparency and immutability to everything that happens to a car from the moment it comes off the factory floor, up until the moment it is recycled in the junkyard. CarFix’s Ethereum based platform provides many benefits to its users including enforcing warranties, maximizing the resale value of vehicles, ascertaining the authenticity of spare parts, achieving more accurate and cost-effective insurance claim management, and more.
CarFix is one of the first platforms of its kind that is taking a comprehensive approach to streamlining the relationships in auto sales, auto repair, auto insurance, and auto finance industries. The result will be a Vehicle Lifecycle Blockchain that will usher many vehicle lifecycle industry players such as vehicle manufacturers, dealers, repair shops, insurance companies, spare parts distributors and others into a new era.
CarFix is just one of the many platforms incorporating blockchain technology in order to ensure increased efficiency and transparency into broken markets in need of change. Whereas the idea of a platform that can stop the next auto scam is obviously great, only time will tell if CarFix will actually be able to pull it off. If there’s one thing sleazy repairmen are good at, it’s finding a way to cheat a naive customer, and we’re hopeful (but not fully convinced yet) that blockchain will be able to stop this.
Blockchain technology is here to stay and we can’t wait to see more of what this exciting technology benefits, as well as get the best deal the next time we are in need of an oil change. We clearly have a long way to go until this technology is fully implemented in our daily lives, but we are excited to see what the future holds.