Blockchain technology is being utilised for the vehicle repair business with the creation of a transactional maintenance and repair platform by CarFix, which aims to disrupt the $1.8 trillion vehicle lifecycle industry, bringing transparency and immutability. The company has announced an ICO for its VLB token on the 27th of November.
By embracing blockchain technology, CarFix intends to streamline the relationships in auto sales, auto repair, auto insurance and auto finance industries. The outcome of this process will be Vehicle Lifecycle Blockchain which will cater to many vehicle lifecycle industry companies such as manufacturers, dealers, repair shops, insurance companies, spare parts distributors and others into a new era. Proceeds from the ICO will be used to develop and implement the blockchain platform.