CarBlock
World's first intelligent transportation solution based on blockchain technology.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | Seed | ||
| Total Funding | 000k | ||
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CarBlock is a decentralized, blockchain-based transportation solution founded in 2017 by Alex Lee and Julie Wang. The company aims to address the automotive and transportation industry by creating a platform for secure data circulation and storage. This is built upon data generated by smart devices, giving car owners control over their data and the ability to monetize it.
The business operates as a platform for transportation data on the blockchain, creating an ecosystem where data can be accessed by various parties like innovators, service providers, and businesses. Their revenue model is based on the use of CAR tokens, a utility token used for transactions within the ecosystem. For example, drivers can use CAR tokens to send data to service providers for more efficient service, or data owners can earn tokens by granting third-party access to their vehicle data for things like trustworthy used car reports. The platform serves a wide range of clients, from individual car owners to larger entities like car maintenance shops, used car dealerships, and auto insurance companies.
CarBlock's core offering is a decentralized data trading platform that provides a development environment and API for third-party applications. A key component of the solution is its ability to collect data through hardware and store it immutably on the blockchain, which tackles issues of data privacy and trust. The company was incubated by nonda, a connected car device company also founded by Alex Lee, which provides a hardware base for data collection. This partnership allows any car to become a connected vehicle, feeding data into the CarBlock ecosystem. The platform utilizes smart contracts to manage transactions, reducing conflicts and ensuring secure data exchange for applications such as P2P car rentals, usage-based insurance, and targeted maintenance information.
Keywords: blockchain, automotive data, transportation solution, decentralized platform, data monetization, connected car, smart contracts, utility token, vehicle data marketplace, insurtech