On July 21, 2018, the “Future Reinvented: Blockchain Forum at the China-US Entrepreneur & Investment Summit” was held at the Santa Clara Convention Center in Silicon Valley. The forum was co-hosted by ChainNews and People’s Daily Online, the online portal of the world’s largest Chinese newspaper People’s Daily. The CEO & Founder of CarBlock Alex Lee made a keynote speech at the forum, which was themed as A real use case from the auto & transportation industry.
In the keynote, Alex mentioned that blockchain technology has given their consumers the ownership of data, confirming them absolute control of their own data, thanks to the intelligence contract. In addition, consumers will be rewarded when they share their data. Therefore, the privacy of consumers has been protected, and the distribution of benefit has been solved in the meantime. Alex also showed his confidence in making CarBlock the first achievable application in the global blockchain automobile industry.
Alex is a serial entrepreneur with multiple successful exits. He is the founder and CEO of nonda, a leading connected car company in the U.S. Alex was the co-founder of Baixing.com, a public company in China with over $600 millionsfunding from Top American VCs like Benchmark. Before founding Baixing, Alex served as the head of new business development at eBay and Microsoft. He also holds an MBA degree from Columbia Business School.
This forum invited speakers from leading industry startups, investors, tech innovators, and academic groups who are building the foundations and driving the innovation for the blockchain and crypto economy. This forum played an important part in connecting the blockchain communities, startups and investors in China to those in Silicon Valley.
CarBlock, the world’s first decentralized blockchain ecosystem that is specifically designed for future transportation applications aims to address major pain points in the current connected car and transportation industry.
The major 4 pain points in the connected car ecosystem are:
- Data Ownership – Vehicle and driving data are of great importance to derive insights about people’s lifestyle and preferences. While consumers are reluctant to trust privacy commitments from car manufacturers and other commercial companies, there is a clear consumer need for a solution that ensures that the vehicle data belongs to the car owner.
- Data Collection & Accuracy – The majority of vehicle purchases worldwide are not new vehicles. In fact, the average car on the road in the U.S. is 11.5 years old. This means it will take years before the majority of vehicles on the road come standard with accurate and embedded data sensors, leaving the current solutions for collecting, transferring, and storing vehicle data inefficient and inadequate.
- Data Exchange – The rights to use and distribute data should belong to the person who contributes the data. Currently, the data that drivers generate often does not belong to them. For instance, the navigation software knows where we are going and pushes relevant ads. As data contributors, people do not receive anything in return. This is precisely why the connected car industry has made little progress; users are not motivated to provide relevant data without proper incentives.
- Application Infrastructure – While there is vehicle data available to small companies, the data is extremely scattered and insufficient in scale to provide any significant value for building transportation applications. The viability of connected car applications ultimately relies on an infrastructure that can support the safe and automated circulation of massive amounts of vehicle data.
CarBlock’s ecosystem is built on extensive research and adheres to the following fundamental principles in order to address current pain points and disrupt the traditional automotive industry:
- The ownership and interest of all data should belong to the data provider, in most circumstances, the car owner. This is where the regulation is headed, and car owners are the foundation of CarBlock’s ecosystem, serving as the link between business and data.
- CarBlock will not profit as the middleman in the data marketplace. CarBlock will ensure the free circulation of data and decrease the friction during this process. The purpose of transaction consumption is to merely cover the cost of the system. CarBlock will even subsidize individuals, teams, universities, and research institutions with creative capacity if CarBlock sees the potential for those offerings to add value to the ecosystem.
- Data circulation will create a mutually beneficial situation for all participants within CarBlock’s ecosystem. Car owners can earn token rewards for providing data and in return, receive more accurate or reduced pricing for services based on the data they provide. Automotive and transportation companies can leverage the enormous amounts of data, that ultimately drives competition to come up with better, more targeted, products and services built on the data received through CarBlock. All innovators will have to access to the data they’ve been longing for to build more creative services and applications upon it.
CarBlock is neither a data middleman nor a data platform. It’s a business ecosystem and protocol, in which automotive and transportation businesses can operate efficiently through increased access to data. In this ecosystem, users can get more personalized products and services. Businesses can have a more precise cost analysis mechanism and therefore, offer more diverse services and reach their targeted users at a lower cost. Innovators will have a lower barrier to entry, bringing more innovative ideas to fruition via the ecosystem.
CarBlock has built a team of seasoned entrepreneurs and developers, and received positive feedback and great support from industry renowned investors and advisors and has issued CAR tokens in Bibox as the currency for the future transportation industry.
CarBlock has kept a good momentum of development via cooperation and partnership with more and more well-known institutions and organizations such as nonda, Ontology, and MOBI (the Mobility Open Blockchain Initiative found by BMW, Ford and GM) and look forward to additional partners in the future, aiming to build a new world with better efficiency, personalization and diversity through reinventing the current dynamics at play in the transportation industry.