MVLchain_ Integrated Blockchain Promotion-Based Integrated Ecosystem Project

dhanax (25)in #bussines • 6 years ago

What’s the MVL Ecosystem?
Gathering the data of a vehicle’s lifetime is a great motive that brings separate car services into a single incentive-based
ecosystem. Separate centralized services have their own server where data is managed independently and their focus
were not to collect a vehicle’s lifetime data effectively[11]. To elaborate, repair services only collect data relating to repairs, and GPS services only gather driving and navigational data. Also, not all the data could be proven to be accurate, unable to gain trust from the market. Data gathered by mobile applications falls into the ownership of the makers and the contributor were not given access to it.

MVL Ecosystem will tackle these problems by gathering all data in one centralized database and utilising blockchain
technology. With the MVL Ecosystem, we can maintain records of all activities relating to a particular vehicle for the entire duration of its “lifetime” and ensure that such records are kept free from corruption. Only the owner will have the authority over his or her data stored on the decentralized blockchain. In the past, a limited number of centralized services monopolized data, but now the power of who owns the information is distributed evenly to the people. Various participants in the vehicle market can continue to add trustworthy data and be connected in one ecosystem.

Through the reward system, participants will receive MVL Points (MVP) in exchange for accurate and active data collecting.
Those who play their role and put in different types of data to earn MVP, which they can use to promote how well their
business is doing or exchange it to MVL Coin (MVL). MVL can be traded with other participants in exchange for goods and
services such as gas, repairs, or car rental. All sellers of car-related goods and services will be appropriately licensed/approved
to sell such products and any such sale will occur within national boundaries. Now people no longer have to rely on
used-car dealers to get a good price. They have accurate data in their hands to prove a used car’s value. Now, people can
earn MVP if self-driving car makers or insurance companies purchase their vehicle data through MVL Ecosystem.

MVL Incentive System

MVL Ecosystem provides customized incentive programs for different participants that contribute data to the MVL Ecosystem.
With this incentive program, MVL seeks to solve various problems faced by sharing the transparent data collected.

New Car Phase- Beginning of Blocks (Open Trust)
This is where the ownership of a vehicle is finalized for the first time through car and insurance registration. In the MVL
Ecosystem, participants that add a car’s serial number and owner’s account information on the blockchain will receive
MVL Points (MVP). Car sellers or dealers who encourage these acts will also be rewarded by referral codes where the new
participant inserts the code of the person that encouraged them to join.

Driving Phase - Continuous Recording on Blocks (Revolutionary Change)
The driving phase is the most essential part of the MVL Ecosystem. The vehicle’s data will be properly managed as accurate and consistent data regarding incidents such as an accident will be recorded. The ecosystem will reward those who drive safely. To get their rewards, participants have to add data while using the MVL wallet application connected to the car.

This will encourage safe driving because the app will continuously track the movements of the car. This incentive system will be available for taxi, carpool or car-sharing vehicles, and drivers will receive rewards for safe driving and good service. If reviews are given by customers, who will be rewarded for doing so, drivers will get an incentive which will boost the service quality.

If a driver borrows a car from car rental companies and adds data related to the movements of that car, he or she will receive rewards too. If the car quality is well maintained, the company will also get rewards. Also, through data collected on the MVL wallet app, participants will know their driving behavior so the right insurance rate will be applied to them. In other words, all participants related to a driving vehicle will be rewarded, while the government effort to promote safe driving is accomplished.

Non-driving Phase - Discrete Recording on Blocks (Basis of Trust)
The non-driving phase is where many different participants are expected to input and upload data to the MCL Ecosystem. From a simple vehicle evaluation to vehicle accident repair, this phase involves many activities. Data collected in this phrase is crucial to assessing the value of a vehicle.

For example, mechanic shops may ask for an unfair price or put records that are inaccurate. To prevent this, MVL Ecosystem seeks to rewards those who input concrete data and provide good service. When the customer takes his or her first mechanic shop’s data to the second mechanic shop to get it evaluated, the first shop will be rewarded for inserting good data, but penalized if the data is not exact. This thorough evaluation system will take place because the MVL Ecosystem wants to be sure. If the damage scope of an accident quoted by a mechanic shop is way bigger than what the big data analysis projects, participants and the MVL Ecosystem will be alerted.

Participants will be able to use MVL Coin (MVL) to get fuel, car wash, vehicle parts and more.

Trade Phase - Change of Ownership (New Contributors)
During this phase, the ownership of a vehicle changes. The used car trade market is as big as the first-hand car sales
market. But a downside of the used car trade market is that the seller is unable to prove that his or her car has been well maintained and the buyer may have a hard time trusting the previously recorded data. Used-car dealers have stepped in
to fill the gap created by the lack of information and credibility, but this is not an ideal solution for the problem because we still do not know if the information is accurate. In the MVL Ecosystem, trustworthy, accurate and reliable data previously uploaded can be shared between sellers and buyers to allow them to agree upon a fair price. This does not mean used-car dealers will lose their jobs, as they will receive rewards by encouraging new participants to join the MVL Ecosystem, recommending well-maintained MVL certified rides to buyers and help register vehicles for data gathering. Those who encourage others will be acknowledged by referral codes.

RoadMap