carVertical is a vehicle registry based on the blockchain. The platform aims to combat the problem of odometer fraud, which can inflate the price of a used vehicle as much as 30%, costing consumers in the US $1 billion dollars annually, and over $5 billion dollars annually to European consumers.
ICO
carVertical was one of the better-marketed ICOs, selling over $6 million dollars’ worth of tokens. The current supply is 6 112 214 038 CV, with total supply being 9 931 143 978 CV.
Inexpensive
When buying a used car, the buyer may have to go through dealerships and other paid services in order to ensure that the vehicle being purchased is in genuine condition.
The cost of those services and often pile up to a considerable amount and most of them are very inconvenient and time-consuming. The carVertical platform is quick and easy to use.
Simply enter the Vehicle Identification Number (VIN) and check all the information from various sources that carVertical has collected for you.
Broad Database
carVertical collects data from multiple external sources like police and INTERPOL databases, city and privately owned registries and insurance databases. The platform aims to ensure that there were no fraud committed and that the information provided about the vehicle is 100% authentic.
Authentic information
Being on the blockchain means that the data about each vehicle cannot be tampered with, manipulated or faked. You will receive detailed information about mileage, past accidents and even get to check if the vehicle has ever been stolen.
Conclusion
To start off, carVertical has a working product available only in two European countries (Lithuania and Estonia) even a year after release. This is due to the fact that there is quite a logistical challenge in creating an accurate blockchain database for so many different cars in so many different countries, so it’s fair to say that they’re quite far from their final goal.
In addition, the carVertical team has a history misleading investors and followers, most infamously claiming a “partnership” with BMW while the automaker had merely allowed the company to use the BMW CarData interface, which is available to any third party.
It even went as far as BMW specifically tweeting that it had no partnership with carVertical whatsoever.
carVertical certainly has a long way to go. The idea behind the project is solid and if it comes to fruition, has the potential to save the used car buyer thousands of dollars. It would also help minimize things like odometer fraud and rebuilt salvage title vehicles sold by deceptive used car dealers. The project needs to expand further and stay away from misleading partnership announcements.
