By now you would have heard a lot about blockchain and its myriads of applications. The growing inclination of various businesses towards this technology shows how great it is and how well it functions. The fact of the matter is that blockchain is considered as a key driver of growth in the future. Whether it is healthcare or retail or financial transactions, blockchain finds use in every field, and it is here to make things work differently and effectively. What brings me to write this blog is the news about the use of blockchain platform for automated towing. Yes, finally we have this revolutionary technology hitting the transportation industry as well.
What makes Blockchain such a big hit?
We all know that blockchain came into the picture in 2009 when we had Bitcoin making the headlines. It is the underlying technology for cryptocurrencies like Bitcoin. However, as the time swayed, Blockchain outshined Bitcoin; the technology was more than just a platform for digital currency transaction. Although it remains an integral part of the blockchain, this technology has an array of applications which are mind-boggling. In this blog, I will be showcasing the use of blockchain in automated car towing industry.
Blockchain, as we all know, is a digital ledger where all the information or transactions is scattered in the network, also known as nodes. Thus, decentralisation becomes a vital feature of this technology. Furthermore, blockchain is free from hacking; it is transparent and a highly secure system as compared to the current technology that we are using. One of the key aspects that differentiate blockchain from other technologies is that the entire exchange of information takes place at a faster pace which saves time and money. Secondly, it completely culminates the need for a third party, so the buyer and the seller can directly interact with each other without waiting for the approval of the third party.
Now all these features make Blockchain so popular and so is the reason that the developers have come up with CarTaxi which is a blockchain-based platform for automated car towing.
What is the buzz around the use of the blockchain based platform for car towing?
Getting help in a difficult situation like car breakdown is such a relief. The process of car towing is exciting and requires the system to be on its toes always. Blockchain technology has proven so helpful in the various domains, and the new addition is the automotive industry where CarTaxi blockchain technology framework is here to help in creating a streamlined system of the entire process of car towing.
What is CarTaxi blockchain technology all about?
The primary objective of this system is to develop consistency and reliable network of car towing on a decentralised system like blockchain which can lead to point-to-point mobility and provisions for car owners.
Well, the latest addition of blockchain is in the towing industry where the blockchain developers have created a blockchain based platform – CARTAXI which is first global service for towing vehicles.
CarTaxi brings together all the car towing companies on one podium. The project is currently being used in local markets in 15 cities since the time the ICO was launched on the 30th August 2017.
Did you know that world market capacity of towing service is more than $26 billion? It also appears that more and more vehicles are hitting the roads which mean there is a need for towing services to cater to the problems like motor accidents, improper parking, vehicle breakdown, confiscation, etc. It becomes mandatory to have obstruction-free traffic and convenience of vehicle owners.
This new blockchain based platform CarTaxi has been designed and developed to overcome all the bottlenecks. It has created a network of registered and licensed car towing service providers. In simple words, we can say that it has uniformed the otherwise fragmented industry. With the help of this system, you can easily access the right and authorised towing company when you are in need and be assured of their authenticity. All this will happen with the click of a button. Currently, the system has 1500 registered towing companies.
What makes CarTaxi gain an advantage over the traditional system is that blockchain will help them get a global reach in no time. It makes use of blockchain-based Ethereum.
Another benefit that CarTaxi has to offer its users is that if a car towing company doesn’t reach the destination on time or the estimated time, then a penalty will be levied on the towing service providers. While booking for the service, the users have to enter the details of problems aptly, and vehicle damage, the towing service provider check and inspects the entire details and, in case the details don’t match the smart contacts doesn’t allow to proceed to step, i.e., next loading of vehicles. After the completion of the entire process, the program analyses the final parameters and pays to the company automatically.
The crux of the matter is that CarTaxi is an excellent development which will streamline the entire process of car towing, processing and payment. Moreover, since everything is automated, from booking to making the payment, this is a complexly hassle-free, time saving and quick process.