CarVertical World’s First Decentralized Vehicle Check
What is CarVertical?
Carvertical is a company which is focused explicitly on vehicles. The company aims to obtain information about the vehicles and collect them reliably. They accumulate a large quantity of private data from various sources which can be trusted and organize them in a record form. They are saving the information in a system called blockchain. It is a state-of-the-art technology to preserve the confidential information safely. After storing the data in the blockchain, they are transferring it to their data analysis department. This department is there to measure the original value by utilizing different procedures and mathematical calculations. The origin of the greatest elements will be open. They intend to get the total decentralization to reach the transparency.
Transparency is the only system to be trusted for any company who is attempting to authenticate itself. This modern technology will unmistakably assist the users to collect the information which is their requirement. They will also be compensated for the data because they are only the creators of the content. Without the aid of the people who are producing the data, it was difficult for the company to continue further. This reward is a sign to give them gratitude.
CarVertical’s Mission and Vision
carVertical is motivated by the concept of data decentralization and delivering the power to consumers. Their goal is to empower every car buyer globally to get genuine and non-faked information about the specific vehicle and to assist consumers in the preservation of their vehicles.
carVertical collects as much information as likely about car’s history from various sources, including national and private registries, several databases and also with OBD devices.
They prepare and validate all the data; blockchain proves its reliability. It indicates that the car’s “biography” cannot be modified, faked or manipulated.
carVertical consumers should be 100% positive about the car’s state, both when buying and when using it.
What influence will CarVertical have?
The auto industry is large but at the same time very competitive. CarVertical attempts to seize part of the $200 billion auto insurance market. It prepares to launch the carWallet mobile app in 2020. In 2017, the company started into talks with PZU-Lithuania, a division of a large European insurance company. The discussions were on how to combine insurance sales channels into the carWallet app. It is predicted that by 2022, carWallet will produce a steady cash flow of around €0.5 million.
Based on a new report co-authored by Morgan Stanley, the common auto insurance players are being caught by new market participants. In the report, current technologies especially blockchain will provide new players access to established driver data, straight access to customers and unmatched analytics capacities. In the report, it is assumed that 55% of today’s drivers will purchase their insurance from a non-traditional player with those under 34 years more inclined to do so.
CarVertical CV Token
On February 4th, 2018, CV had a value of $0.008. Two days after, the price of Bitcoin, the biggest cryptocurrency in the business, sank to a low of $6,000. It absolutely had to affect the new CV coin whose price dropped to $0.0039. The rate increased to attain a high $0.01 on February 10th. The crypto hasn’t been as active as many of the altcoins opened in 2017. On March 15th, the coin ended the day at a high of $0.00577, and its market cap was $14 million. On Friday, the 24-hour traded volume for CV was $1.9 million, and coinmarketcap listed it as the 4th most traded crypto of the day.
CarVertical endeavors to solve the real-life problem of falsification of car data. When purchasing a used car, one of the principal factors that influence buyers is the odometer section. Odometer tampering continues as one of the biggest deceptions that governments around the world are working to deal. With CarVertical, odometer fraud will be a matter of the past.