Estonian Startup VLBToken Unveils Blockchain-Based Car History Registry

A new venture called VLBToken and based in Estonia is developing the Vehicle Lifestyle Blockchain (VLB), a platform that promises to offer transparency into the data and history of a car’s lifecycle.

VLBToken said the Ethereum-based platform will provide many benefits to users including enforcing warranties, maximizing the resale value of vehicles, ascertaining the authenticity of spare parts, and more accurate and cost-effective insurance claim management.

“With the advancements of hardware within the automotive industry we saw a disconnect when it came to an advanced software,” said Oskar Hartmann, co-founder of VLB.

“VLB streamlines one of the most antiquated industries in the world when it comes to car services and transparency. We strongly believe that our blockchain technology can provide all those involved with a positive value and create significant clarity for users interacting with the automotive industry.”

Industry participants will be required to spend VLB Tokens in order to have their data recorded and broadcasted on the blockchain. These will also receive payments in VLB Tokens for access to this data from consumers and interested parties.

The implementation of VLB will occur in two stages: the first will be a launch in a controlled environment with several industry participants and CarFix acting as a moderator; and subsequently, a deployment beyond CarFix’s business by a consensus mechanism.

CarFix is an online-to-offline auto repair platform that claims serving 250,000 users, including ten of the largest space parts distributors in Eastern Europe and 500 repair shops.