Blockchain technology has completely transformed how we think big data and integrations. The implementation of this new infrastructure is a big step forward for humanity as a whole, and we aim to pioneer this movement in the auto industry.
Vehicles on the AutoCoin Blockchain will have all their information out in the open. From the time it leaves the factory to the time its scrapped. Everything that happens to it, maintenance, ownership, documentation, history, and more will be documented within the AutoCoin Blockchain HyperLedger and verified by the AutoCoin Blockchain SmartContracts.
In the same way that ride-sharing services such as Uber or Lyft allow complete strangers to put trust in one another, this innovative solution will allow dealers, customers and all other parties involved to have full access to the truth, so that no one is ever treated unfairly or against their contract.
Over 1 billion dollars annually are stolen, hustled, and bamboozled from American consumers by auto-related fraud. Passing faulty titles, insurance fraud, forging vehicle history reports, and many other dishonest practices are so commonplace in the auto industry that the consumer is almost certain to be treated unfairly.
Why? Because the current infrastructure in place does not allow for data to flow freely, instantly, and transparently. Instead, it is caged within organizations that are meant to cooperate. This is because the databases are massive, have different structures and lack the infrastructure for instant access by all organizations.
This is a problem that can only be solved by improving the technology from something traditional to something radically more efficient.
There is a reported $300B in annual losses to the auto industry due to fraud and mistakes caused by insufficient information. There is an additional estimated $300B in annual losses to the public through fraud and other criminal activity in the auto industry. The problem is that there can be no confidence in vehicle information today. Reports are easy to forge and paperwork can easily be altered. Even the Government cannot be sure about official vehicle-related documents.
Today, there are several vehicle history data providers. Most consumers are familiar with the top provider, who regularly airs their expensive commercials on prime time TV. The average consumer assumes that all repair shops, car dealers and lenders report fully verified data automatically. The public trusts that the systems are intelligent enough to know what to expect at any given time, for instance, manufacturer’s suggested maintenance milestones. That is simply not the case.
Unfortunately, the public is unaware of these deficiencies. More often than not, the systems currently in place suffer from the following pitfalls:
In short, current solutions are not smart enough to know what is missing. Incomplete data is just as bad as incorrect data. This is why we think the current provider’s claims of uncovering fraud are moot, because reporting can easily be avoided and no explanation is required on behalf of the person in possession of the vehicle..
This creates a spotty and disconnected ledger of the vehicle history, making the reports unreliable. This has created a massive disagreement within the industry, on whether or not the data should even be reported.
For instance, let’s say CarFax records an oil change at 15,000 miles. If the next record is at 35,000 miles, it would seem as if the oil wasn’t changed for 20,000 miles! Furthermore, it has absolutely no record of what type of oil was used, which is arguably even more important than how often it was changed.
Rather than waiting for the data to be reported, each vehicle’s manufacturer recommended maintenance is made into a template. The records that are reported will pertain to this template; each area of this template is filled out by the appropriate parties involved. Anything missing must be explained, audited and permanently logged.
For instance, rather than relying on repair shops to report every oil change, we can easily predict how often the vehicle will require an oil change based on the recommendations from the vehicle’s manufacturer and the type of oil used each time. This will create a full schedule of when the oil is expected to be changed. In the event that one of the scheduled maintenance milestones is not met, the information can be obtained from the vehicle owner, warranty provider and/or the designated repair shop.
More importantly, the data can be provided through a modern and easy to use API, then verified through the use of SmartContracts, looking for any inconsistencies or bad data. All missing pieces will be identified and filled out.
The global losses due to inaccurate data and fraud for industry participants have been estimated anywhere from $300 billion to $1 trillion dollars annually. There is no real way to know how much crime is going undetected, but we do have a solution to the problem: AutoCoin Blockchain.
Through our industry partnerships, chiefly SiriusXM Radio, we have direct access to all major vehicle manufacturers globally. It is critical for us to register all new vehicles with an AutoCoin Blockchain ID to ensure full life-cycle tracking.
We have a tremendous influence in this sector. Not only are we one of the largest DMS providers to independent auto dealerships in the United States, we have working relationships with all of our major competitors. Our ability to force adoption in this sector is a strong point.
We have direct business partnerships with some of the largest Warranty companies in America. Including Endurance EDS, and Royal Administration.
We have current partnerships with all major direct lending companies in the United States. We are currently in negotiations with several partners to board their loan information onto the AutoCoin Blockchain.
We have current partnerships with all major direct lending companies in the United States. These partnerships include Westlake Financial, CUDL, DealerTrack Lending Network, and the RouteOne Lending Network. We are currently in negotiations with several partners to board their loan information onto the AutoCoin Blockchain.
The AutoCoin Blockchain functions according to the rules of Blockchain technology. There are many benefits to recording important information this way.
Individuals and organizations alike will have access to verified vehicle history reports. Lenders and Government institutions will have access to verified financial data.
The AutoCoin Blockchain is a tamper-proof, append-only ledger that uses state-of-the-art cryptography.
The AutoCoin Blockchain makes a secure decentralize ledger for all auto-related transactions.
Each piece of data, before being added to the blockchain, undergoes mining according to our smart contract to be verified.
Welcome to the first publicly accessible, American based auto history blockchain. Unlike some others who are planning blockchains, we already have a fully functioning blockchain collecting data from our many industry partners. Try for yourself by searching a VIN on VehicleHistory.US.
The tokens will be available for transfer through our proprietary wallet which we will issue free for a limited time to the public. You can also buy/sell/trade our tokens on all major coin exchanges.
Here are some helpful documents that help you to understand about the AutoCoin Blockchain, the ICO, and the legal terms.
Our team is working hard to achieve this monumental goal!
The AutoCoin team combines a passion for the automotive market, industry expertise & a proven record in financing, developing, marketing & licensing software products.
Below we’ve provided a bit of information on our blockchain technology and upcoming ICO. If you have any other questions, please get in touch using the contact form below.
Blockchain is the core technology behind AutoCoin. At its heart is a distributed data store. Anyone who participates in this network has their own data store that stores all of the transactions that ever happened on the network (this is also known as the distributed ledger). Entries are stored within a cryptographic chain of blocks. At every stage, the network of participants must agree about the latest block of transactions. Agreement is reached through a process of majority consensus, eliminating duplicate entries, double spending etc. This process and the cryptographic layering of the blocks makes the agreed blockchain irreversible and immutable. The ‘history’ of events within this technology cannot be modified by any one of the participants without majority consensus from the group.
A Smart Contract is code that is deployed to the blockchain. Each smart contract contains code that can have a predefined set of inputs. Smart contracts can also store data. Following the distributed model of the blockchain, smart contracts run on every node in this technology, and each contract’s data is stored in every node. This data can be queried at any time. Smart Contracts can also call other smart contracts, enforce permissions, run workflow logic, perform calculations etc. Smart contract code is executed within a transaction – so the data stored as a result of running the smart contract (i.e. the state) is part of the blockchain’s immutable ledger.
Mining is used a proof of work for participants in the blockchain. Whenever a block of transactions is to be agreed, every participating node attempts to ‘mine’ the block (a mathematical algorithmic process that requires extensive CPU capacity). In public blockchains successful mining is rewarded with a cryptocurrency token.
ICO stands for “Initial Coin Offering” and it is a means of raising capital through a crowdfunding campaign with the use of crypto-assets as investment. A digital asset, the coin or the token, is issued for a purpose and are sold to raise money for the said purpose. After the ICO process is done, the coins are traded on crypto-exchanges and market supply and demand decides on their fair pricing.
Signing up for the token sale is easy. Simply fill out the contact form here on our website and a representative will reach out to you to confirm your interest.
Through our own exchange, we can accept Fiat currency for AutoCoin.
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