Mass Vehicle Ledger: A Blockchain-based Ecosystem for the Automobile Industry

Blockchain was conceived by Satoshi Nakamoto. It’s a new data structure/ledger in which data is replicated at every node on the network which brings permanence and resilience.

Blockchain is decentralized. Transparency, micro-payments, cost reduction, elimination of third parties, immutability and cryptographic security are the key benefits of blockchain solutions. The financial sector is one of the first adopters blockchain technology for smarter transactions. Insurance, networking, healthcare, and transportation are some of the other sectors focusing on blockchain.

This article is to provide is to draw your attention to Mass Vehicle Ledger and the role they want to play in the automobile industry. Functional areas include supply chain logistics, leasing and retailing, mobility, vehicle repair, vehicle insurance etc. can use blockchain technology. This technology will disrupt the vehicle industry and will create monetization avenues, growth opportunities, and facilitate digital transformation.

What is Mass Vehicle Ledger?

Mass Vehicle Ledger is a new blockchain-based ecosystem created for the usage of the vehicle industry.

They plan to connect all vehicle related services like motor vehicle manufacturers or retailers, car owners, motor vehicle insurance companies, motor vehicle repair and or modification service providers in one ecosystem. Bringing all together in one ecosystem will make each participant to upload important data relating to specific car which includes info concerning traffic repairs and accidents into the blockchain.
This ecosystem incites good services and safe driving while storing vehicle related data on the blockchain.

The challenges faced by the vehicle industry includes heavy regulations, poor services and a centralized system. The aim of Mass Vehicle Ledger (MVL) is to fix this current challenges by giving unlimited incentives for participants, with all trusted transactions and interactions backed and stored on the blockchain for continuous data management. In a nutshell, the goal of MVL is to promote and motivate safety and quality, validate mutual trust and leverage blockchain in the vehicle industry.

As explained in an introductory video, “MVL connects services that touch your car and collects your ride’s lifetime data. We give points to those who help out along the way, like your sales guy, you for driving and giving service reviews, repairmen, used-car dealers, and scrappers. We want everyone to build trust when they interact in the MVL ecosystem.”

How Mass Vehicle Ledger Ecosystem Works

MVL aims to connect 3 main participants together. Here they are and how they interact within the platform.

Individual drivers: can earn MVP points in exchange for their safe driving activity
Ride sharing service providers: can earn MVP points in exchange for safe driving and good service.

Mechanics: can earn MVP points in exchange for providing accurate repairs as recorded on the blockchain.

There is an app through which all participants interact within the ecosystem. It’s called the MVP app. This app allows individuals to track safe driving data, mechanics use it to accurately record their repairs and the passengers in ride sharing service providers can use it to give reviews of their drivers while ride sharing service providers can use the app to track safe driving behavior and good service.

Two tokens are used in the MVL platform which are;

MVP tokens: which functions as payments between customers and service providers

MVL tokens: are paid to mechanics for the service rendered and ride sharing providers for the drive somewhere.

MVP points are reputation based incentive system which are distributed through all participants in the ecosystem. The points are non-transferrable and can’t be traded. However, it can be used to purchase MVL coins.

MVL Incentive System

MVL Ecosystem provides customized incentive programs for different participants that contribute data to the MVL Eco-system. With this incentive program ranges from the new car phase to scrap phase.

MVL uses blockchain technology to solve various problems faced by sharing the transparent data collected.

The phases include

• New Car Phase - Beginning of the Block (Open Trust)
  After a car is purchased, it is registered and insured. Any participant that adds a car’s serial number and personal information to the MVL blockchain will receive MVPs in exchange. Auto dealers who encourages their customers to register on MVL also gets MVP.

• Driving Phase - Continuous Recording on Blocks (Revolutionary Change)
  This is the most important part of MVL ecosystem. This phase rewards drivers who allow the MVL app to collect data as they drive. Participants are motivated with tokens to allow the app to track driving habits. They’re also rewarded for recording accidents and other incidents into the app. Rental companies can also give tokens to drivers who opt into this program, making it easy for rental car companies to track safe driving habits.

• Non-Driving Phase - Discrete Recording on Blocks (Basis of Trust)
  This phase is where different service providers participate by uploading data to the MVL ecosystem. This phase involves many activities from simple vehicle evaluation to vehicle accident repairs. Data collected in this phrase is crucial to assessing the value of a vehicle.

• Trade Phase - Change of Ownership (New Contributors)
  At this phase, vehicle ownership changes. This change is recorded on the MVL. Used car buyers that purchase a car can check past records of the car and all data recorded on MVL.

• Scrapped Phase - End of Blocks (Infinite Incentive)
  This is the final phase of the incentive. Vehicles will continuously go through various phases until they cannot longer run. At this point, such vehicle will be scrapped. Agencies involved with the scrapping will receive tokens in exchange for sharing and recording the driving record and the car’s lifespan on MVL.

Tokens

The MVL token will be an Ethereum blockchain based ERC 20 token which is the official token of MVL ecosystem.

ICO details

Total supply: 30 billion tokens
Tokens available for sale: 8.7 billion
Price: 1 ETH = 240,000 MVL
Projected sale date: pre-ICO is scheduled for April 26, 2018 and public sale will follow.

In Conclusion

MVL is an experimental ecosystem. The company seeks a blockchain based ecosystem that brings multiple players in the mobility/vehicle industry together.

For news and update on MVL project;

Website: https://mvlchain.io
Whitepaper: https://mvlchain.io/papers/mvl_white_paper_en.pdf
Twitter: https://twitter.com/mvlchain
Telegram(EN): https://t.me/mvlchain_en

Steemit profile link: https://steemit.com/@miracle24