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November 6 2017

ICO Alert Report: Carblox

ICO Alert Report: Carblox

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What is Carblox?

Carblox — in an essence, is a vehicle registry, it’s “digital copy” or “file.” The purpose of this registry is to eliminate the possibility of buying a vehicle with a “grey history.” From now on, all the information about the vehicle (history of maintenance, owners, accidents, repairs, telematics data, insurance) will be accessible from one reliable source, storing data in a decentralized manner.
- Peter Keller, CTO


ICO Alert: How does the Carblox token (CBX) function within the platform and why is it needed?

Carblox: By issuing CRX tokens, we offer all members the chance to become part of the Carblox ecosystem. In the future, each holder of a CRX token will be able to receive a different level of access to platform services.
The CRX tokens are the essence of the Carblox ecosystem and will be used for the following purposes:
1. Payment for use of the system
2. Payment for access to the API
3. Payment of fees for the performance of certain operations in the system (e.g., vehicle registration)
4. Payment for access to advanced functionality of the user’s account
5. Payment for access to analytics, including those obtained by individual inquiries
6. Rewarding the ecosystem members for entering information
7. Rewarding vehicle owners for supplying useful analytics data (e.g., telemetry)

ICO Alert: Can you give us an estimation of just how large the global automotive industry is? Will you be focusing on a certain geographical region?

Carblox: Globally, it’s a trillion dollar industry. Simply, it’s amongst the biggest industries in the world. Our plan is to begin locally, starting from Germany, and then expanding to other EU countries. Expansion to the rest of the world won’t happen that fast since regulations and rules are very different.

ICO Alert: What are some of the major issues currently facing the global auto industry? How are you solving these issues?

1. Vehicle market
Outdated business model: In terms of the business model required in the industry, last year, over eight out of ten executives believed there would be a major disruption in the near future. Research could suggest we’re in the middle of the change right now.
Data relevance: For all future business models, they’ll need to answer all customer’s worries of losing data for absolutely nothing in return. If we look back just two years ago, around 30% of people were fine with losing data and not seeing any compensation.
2. Used car market
Maintenance frustration: Two-fifths (41%) of all consumer respondents reported experiencing at least one problem within a year of buying a used car.
Unfair practices: Unfair commercial practices were experienced by a significant 25% of consumer respondents.
Lack of guarantees: Only 27% of respondents’ biggest problem was covered by any guarantee.
3. Insurance
Fraud presence: Up to 10% of сlaims for insurance payments are fraud attempts.
Lack of personalized offers: 80% of insurance customers are looking for more personalized offers, communications, and prices.
Mediocre calculation: Insurance agents and brokers are using generalized calculation methods, which are not custom tailored for clients. Carblox will solve these issues by creating digital twins of vehicles and collecting big data.
The vehicle purchaser will get a full, auditable history of the car and will know for sure what they’re paying for. The insurance broker will get absolute correct information about the object it’s insuring and will offer the best price.
Car manufacturers receive full feedback on their products, which will allow both to improve future models technically, and offer the customer exactly those additional services that he really needs.

ICO Alert: The Carblox platform offers three distinct services for the user, can you list and describe these services?

1. A fast and reliable way of selling/buying a car.
When selling or buying a car, the seller is always confronted with the issue of justifying its cost and proving the technical condition. The customer is always afraid to buy a car with hidden defects, clocked mileage, some “dark past” or counterfeit VIN code.
Carblox gives both parties the opportunity to obtain a full history of the vehicle and information on its technical condition, how it has been used and maintained, prove that it has not been stolen or under bond, prove that the vehicle has not been involved in an accident or, if it has been, what damage it received and how it was remedied.
As the main source of revenue begins to shift from the car itself, all current drivers will need to be re-evaluated, as well as identifying new value drivers accurately; this leads to a better integration into the strategy. Considering data is key to all digitalization, this will be essential for the automotive industry and all manufacturers must realize this quickly. According to one automotive executive, one connected vehicle will bring in more revenue than ten non-connected cars, which perhaps shows the power of the niche. However, it also shows that using unit sales to determine market share is an outdated process. Not only will connected cars yield more income initially, it does so over the entire lifecycle of the car. Therefore, we must adjust how we measure success in the coming years. Suddenly, data and customer value will take the baton and become the key criterion. Recently, the majority of executives in a questionnaire said that the digital ecosystem will lead to higher revenue figures than the actual hardware in the automotive value chain. However, who is actually tapping these revenues? Thanks to the Carblox ecosystem, all information will already be collected in one place and its authenticity will be confirmed by the blockchain technology. The buyer does not need to perform diagnostics or hire an intermediary company (such companies carry out a visual inspection, computer diagnostics, diagnostics at a service station, VIN verification, etc.) because all the information is available and reliable. This reduces costs for both the buyer and the seller.
2. Insurance services.
The Carblox platform aggregates a large amount of information, making it possible to provide “smart” insurance. Using Carblox allows insurance companies to offer personalised insurance products.
Whatever happens to the car, thanks to the ecosystem, all the information is entered in the register: both what happened (whether it is an insurance event) and how much it costs to fix it (according to service station diagnostic results). Based on this information, the amount of payment in the case of an insurance event is calculated using a definite algorithm, so subjective factors are, again, excluded.
3. Vehicle repair and maintenance service search.
The Carblox platform will allow car owners to find repair and maintenance services, all at a reasonable price. To do this, place a request in Carblox describing the necessary work and allowing the service centers to access vehicle information related to its technical condition and maintenance history. Having access to service history and diagnostics data, the members of the ecosystem involved in the repair and service will be able to more accurately estimate the amount of work, the list of required parts, and, in some cases, even remotely diagnose the damage. More complete information will allow the avoidance of risks regarding the repair costs, thus reducing the cost of the service.

ICO Alert: Can you take us through a specific user experience when buying/selling an automobile on Carblox?

1. Login via private key and password to our web application
2. Filter through the catalogue to find the right vehicle
3. A request to view all information is sent (described in further detail in our whitepaper)
4. The owner allows or denies access to the browsing history of the vehicle
5. Execution of token payment to provide information about the vehicle (the purchaser pays the system)
6. After examining the provided information, purchaser decides to buy or not
7. If the vehicle is bought, then the purchaser and the seller discuss the details of the transaction and pay (through the escrow mechanism when paying by fiat, through a smart contact when paying by cryptocurrency)
8. The payment is validated and the mechanism for changing the owner is started using smart contacts (sending requests to the state authorities for re-registration of the vehicle, etc.)
9. The vehicle ownership is switched to purchaser’s account

ICO Alert: In order to have an effective marketplace, many developers, manufacturers, insurance brokers, and service stations will have to adopt the platform. How are you attracting these groups?

Carblox: Involvement of users into the system will be carried out by an active marketing strategy. Our task is to bring the benefits of using the platform. And the very idea and implementation of the platform is noteworthy in that it is much more profitable for all groups to use than not to use.

ICO Alert: Why would I utilize Carblox instead of the more traditional services for buying/selling and insurance?

Carblox: Carblox will not replace traditional ways of selling cars, but will complement them, becoming a trusted source of information about the subject of the transaction.

ICO Alert: In one of the last stages in your roadmap (2019–2020), you use the term E-governance. Can you elaborate on this term? How important of a role will this step play in the overall success of the platform?

Carblox: It is a question of the fact that a number of functions performed by the government in relation to motor transport will be automated through the Carblox. Obviously, this decision will require an individual dialogue with the government of each country, and the utterances of a huge number of legal and organizational issues, but all of them are possible to solve.

ICO Alert: The Ethereum network has occasionally suffered from slow transaction times. Is there any concern that this may affect the Carblox platform?

Carblox: Slow transactions are not a problem for the platform. The input is not the data itself, but the hash of it. This is necessary to confirm the authenticity and immutability of the data.
In addition, even in the main database, not all the data will be recorded, but only useful information, the selection will be made by an algorithm based on AI.
Also, future updates of Ethereum are aimed at improving block time to 3 seconds (Casper) and achieving transactions in milliseconds (Raiden). Both of these updates are planned for late 2017 or early 2018.

ICO Alert: As a non-Carblox question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Carblox: In the next 3–5 years, we see a bright future both for ICOs and cryptocurrencies. Unfortunately, a lot of ICOs are destined to fail and many cryptocurrencies will die out. But we’re going to see a lot more real-life applications of the blockchain technology that are actually going to work and benefit the consumers, which is the most important aspect.

Pre-ICO Information
The pre-ICO for Carblox tokens (CRX) will begin on November 10, 2017 (12:00 GMT) and end on December 10, 2017 (noon GMT). A hard cap of 12,000,000 Carblox tokens (CRX) is set for this period. 1 Ether = 7,500 CRX.

The token bonus is as follows:
Day 1–5: 30% bonus
Day 6–10: 20% bonus
Day 11–15: 15% bonus
Day 16–20: 10% bonus
Day 21–25: 5% bonus

The CRX token is an ERC-20 token, therefore, an ERC-20 compatible Ethereum wallet is required to store the tokens.

ICO Information
The main ICO for Carblox tokens (CRX) will begin on January 10, 2017 (15:00 GMT) and end on February 9, 2017 (15:00 GMT). A hard cap of 68,000,000 Carblox tokens (CRX) is set for this period. 1 Ether = 4,000 CRX.

The token bonus is as follows:
Day 1–5: 30% bonus
Day 6–10: 20% bonus
Day 11–15: 15% bonus
Day 16–20: 10% bonus
Day 21–25: 5% bonus

Visit the Carblox website for more information and the contribution address.

Token Distribution Information
There will be a maximum supply of 100,000,000 CRX tokens created, with 80,000,000 (80%) available during pre and main ICO periods.

CRX tokens will be distributed to the contributors wallet after the team has reached the soft cap goal. The whitepaper is available for additional details regarding distribution.

Maximum supply: 100,000,000
Supply available during pre/main ICO: 80,000,000

80%: Token sale
10%: Reserved
8%: Founders and team
2%: Bounties

Use of ICO Proceeds
70%: Development
12%: Operations
10%: Marketing
5%: Advisors
3%: Legal

Alexander Beck, CEO
Alexander is a serial entrepreneur who has previously founded numerous companies. He has experience in the European startup scene as a former and current CEO. He holds an MBA from the Frankfurt School of Finance and Management.

Peter Keller, CTO
Peter has a skill set in IT and software engineering. He also has more than seven years of experience as a CTO and team leader. He holds a computer science degree from Technical University at Munich.

Sabina Ibragimova, Project Manager
Sabina has three years of experience as a project manager at Accenture and two years of experience for several international corporations as team leader.

Jack Chi, Core Developer
Jack is a full stack developer and has won numerous hackathons. He holds a software engineering degree from the University of Southampton.

David Edwards, Blockchain Architect
David is a blockchain technology pioneer and experienced smart contract developer. He holds a computer science degree from Aston University.

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View the Carblox Website here.

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(1) Carblox Website, Carblox, (2017)

(2) Carblox Whitepaper, Carblox, (2017)

Topics: Cars, Blockchain, ICO, Cryptocurrency, Investing