How many aspects of your day-to-day life do you manage digitally? If you’re like most people, you are probably using your smartphone to log into your bank account, check your work email or messages, order a grocery pick-up, text with friends, watch your investment portfolio (hopefully) climb, and even keep an eye on who’s at your door. But chances are your car is one of the few things you don’t use your phone or laptop to manage. It’s an important part of your life that’s been sadly overlooked — until now.
CarrChain will be a comprehensive automotive records repository that will bring the security and transparency of blockchain technology to the automotive industry. But the best part is that it will make managing the lifespan of your car easy to do from any digital device.
In this article, we’ll take a closer look at the role blockchain will play in the auto industry, what you can soon do with CarrChain as both a car owner or buyer, the benefits of using CarrChain, and how to get started.
Why Bring Blockchain to the Automotive Industry?
The automotive industry is in desperate need of a new, innovative solution that will bring security and transparency to the way we manage vehicle records, sales, and maintenance.
The outdated systems currently employed lead to inefficient processes, undervalued sales, overpriced vehicles, incomplete vehicle history reports, and even data breaches that expose some of a car owner’s most sensitive information.
What’s more, vehicle history reports like Carfax rely on reporting from service providers like mechanics, dealerships, and auto body shops. Unfortunately, this reporting can often be spotty at best, and much of the work performed on a vehicle never winds up being recorded to a car’s vehicle identification number (VIN). This is especially true because reporting is not required by law.
That means that when it comes time to purchase a used vehicle, you may never be fully aware of the true history of that car or truck — and you may be overpaying for your vehicle unnecessarily. This is especially true if there was damage to the vehicle before it got to the dealership lot; those repairs might appear fully documented through an inspection sticker yet may not reveal how extensive the work truly was.
CarrChain can provide a solution to some of the challenges facing the auto industry because it is built on revolutionary blockchain technology. Its limitless ability to scale has empowered us to create the most detailed, accurate vehicle history reports on the market.
Blockchain-based applications like CarrChain offer an immutable, secure, and transparent way for car owners to take charge of their vehicle’s profile, creating a more complete vehicle profile that includes all the typical data linked to a vehicle’s VIN plus additional user-generated records.
What Can You Do With CarrChain?
The CarrChain application is designed to be easy-to-use. It removes the need for keeping up with paper receipts stashed in your glove compartment.
Here are just a few of the things you can do through the CarrChain app:
- Manage all of your family vehicles in your garage
- Add new cars using VIN-scan technology
- Get customized tools and tips to help you increase your vehicle’s value score
- Add photos of your car to your vehicle gallery
- Log service appointments, modifications, upgrades, incidents, and other activities that can impact your vehicle’s value
- Get a comprehensive overview of aggregated data on your vehicle like registration status, insurance claim information, and more from DMVs, insurance companies, and other sources.
- Review any negative findings that could lower your vehicle’s value score and dispute them
- Get alerts for scheduled maintenance
- Schedule service appointments with local vendors
- Scan receipts from maintenance and repairs to log them to your vehicle’s history
- View recall information
- Get recommendations for engine oil, repair shops, and other local services and vendors
- Earn CARR tokens and points towards your vehicle’s value score whenever you log activities
What Are the Benefits of Using CarrChain?
CarrChain will lead the way in making the auto industry more transparent, efficient, and secure. The average car on the road lasts about 11 years; for most of that time, it’s out of warranty. This means you rely heavily on your own research when considering a used vehicle purchase. The problem is there are only so many hours in a day to find all the information needed to make an informed decision. That’s where CarrChain comes into play. CarrChain will offer quick access to crucial data such as mileage history, service records (oil changes), past accidents or damages, airbags, recalls, and more.
A few of the benefits you can expect to experience with CarrChain include:
DVIN: A Lifetime of Vehicle Tracking
When you register your vehicle on our blockchain-based app, it will generate a unique ID: a Digital Vehicle Identification Number (DVIN) that will remain with your vehicle throughout its entire lifespan.
That DVIN can be used to track down any details about its past ownership and maintenance history—no need for agents or dealerships to dig through paperwork or order incomplete records from other industry vehicle history reports anymore.
Increase Your Vehicle's Value
Maintaining your vehicle’s history, logging upgrades or work done at home, and keeping on schedule with recommended maintenance can increase your vehicle’s resale value.
Avoid Overpaying for New-to-You Used Vehicles
When you know a vehicle’s real history, the good, the bad, and the possibly pretty ugly, you’ll be in a better position to negotiate a fair price and avoid overpaying for that new-to-you used vehicle.
Earn Cryptocurrency for Taking Care of Your Car
CarrChain is at its heart a rewards system in addition to being a comprehensive records repository. Our ERC-20 token CARR serves as the application’s native currency and the means by which members gain access to the program.
Depending on your membership tier, you can earn between 1% and 5% back on the purchase of a new car, plus between 3% and 10% back on the cost of maintenance.
Who Can Use CarrChain?
The CarrChain app isn’t just for individuals. In fact, there are practical applications for our comprehensive vehicle records repository for everyone from gearheads to auction houses.
Here’s how each of these sectors can leverage CarrChain to get the most from vehicle ownership and transactions:
With two cars (or more), it can get hard to keep up with your family’s car maintenance. CarrChain helps you stay on top of it with regular alerts when it’s time for service or in the event of a recall. What’s more, the process of completing the suggested service is streamlined in the CarrChain app since members can schedule service right from the user interface.
If you’re a big fan of customizing your ride, CarrChain is for you. Think of it as a social media profile for your car. You’ll be able to track all of the upgrades you’ve made, whether those updates were done at a shop or in your own garage, and you’ll increase the value of your investment in the process. There’s nothing quite like watching your car’s value score soar each time you give your vehicle some love.
Auto Dealers and Auction Houses
CarrChain offers dealers and auction houses a drastically streamlined way to track inventory, foster confidence and customer loyalty by offering the most comprehensive vehicle history reports available, and easily transferring ownership leveraging the security of the blockchain.
Ready to Get Started?
The CarrChain app is the most thorough vehicle history report available. Backed by blockchain technology, it is also the most secure and transparent. The app gives car owners, dealers, and families alike a seamless way to manage the maintenance and records of their cars.
All it takes to get started is to choose your membership tier and purchase CARR tokens. As we continue along our journey towards launching, please check back regularly for more information on how you can create your vehicle’s profile as well as other upcoming features of the CarrChain app.