CarVertical is a company which was founded to help people get access to information about cars. Normally, information such as the history and registration of car details is kept in government platforms which are centralized and they don’t facilitate the access of such information. CarVertical is a blockchain decentralized solution for storage and verification of authenticity of all car information which can then be publicly accessible. The data kept in the blockchain registry cannot be faked, changed, rewritten or manipulated. The platform offers transparency and it can be trusted.
By using blockchain technology, CarVertical wants to create a global decentralized car history registry. Just like major cryptocurrencies which seek to solve specific real-life problems, this project is designed to help buyers of cars get easy access to vital information about the cars they want to buy. The inability of central databases to share such vital information makes CarVertical an ideal platform for car buyers from around the world.
How CarVertical works
CarVertical whose ticker symbol is CV is based on the Ethereum blockchain. The platform takes information from numerous centralized databases and then writes this information on the blockchain. The platform gets access to Interpol databases, leasing, police, and country registries and any other database which might ensure the information about a car is complete. The developers of the crypto are developing products which will enable users on the platform to gather information about their cars, manage their car’s registration and do much more.
What impact will CarVertical have?
The auto industry is huge but at the same time very competitive. CarVertical seeks to grab part of the $200 billion auto insurance business. It plans to launch the carWallet mobile app in 2020. In 2017, the company entered into talks with PZU-Lithuania, a branch of a large European insurance company. The talks were on how to integrate insurance sales channels into the carWallet app. It is estimated that by 2022, carWallet will generate a consistent cash flow of around €0.5 million.
According to a report co-authored by Morgan Stanley, the traditional auto insurance players are being cornered by new market entrants. In the report, new technologies particularly blockchain will give new players access to proprietary driver data, direct access to customers and unmatched analytics capabilities. In the report, it is expected that 55% of today’s drivers will buy their insurance from a non-traditional player with those below 34 years more likely to do so.
How is the altcoin performing?
On February 4th, 2018, CV commanded a price of $0.008. Two days later, the price of Bitcoin, the largest cryptocurrency in the market, dropped to a low of $6,000. This certainly had to have an effect on the new CV coin whose price dropped to $0.0039. The price rose to reach a high $0.01 on February 10th. The crypto hasn’t been as volatile as many of the altcoins introduced in 2017. On March 15th, the coin closed 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 ranked it as the 4th most traded crypto of the day.
Is it a good investment?
CarVertical seeks to solve the real-life problem of falsification of car information. When buying a used car, one of the leading factors that influence buyers is the odometer reading. Odometer tampering remains one of the biggest frauds that governments around the world are trying to deal with. With CarVertical, odometer fraud will be a thing of the past.
It is expected that 2018 will be a modest year. However, 2019 is expected to be a big year for CarVertical as more than 5 billion history data records have already been boarded. The figure is expected to shoot to 42 billion in 2022. Partnering with BMW to create the first ever connected history reports will certainly put CarVertical on the path to achieving its goals.