Over the past century, the vehicle industry has grown substantially. It has created many jobs in various fields such as the logistics, distribution, car repair and used-car trade scene. With the rise of technology, the vehicle industry is expected to continue its expansion. For example, we have in recent years seen the introduction of self-driving vehicles and eco-friendly electric vehicles. But the mix of the traditional and IT-savvy vehicle market only focuses on a portion of the vehicle industry. It fails to connect different sectors of this industry together.
Despite the growth and developments of the vehicle industry, old problems still remain. For example, cab drivers with discourteous service, unreliable mechanic shops, a lack of consistency and transparency on used-cars by dealers, and accidents caused by reckless driving. Unfortunately, new technology still struggles to address these problems effectively. What’s worse is that it brings nuisance to the market, like the increase in customer price due to commissions collected by transport-related online platforms.
In the past five years, we have been in the global IT-based mobility market partnering with car rental companies and the transportation business as a transportation booking system. We are familiar with problems that plague the vehicle industry and we came to understand that the struggles in the vehicle industry can be solved by connecting all the services in a single ecosystem. To do this, we will converge vehicle-related industries and the blockchain technology.
Mass Vehicle Ledger Ecosystem (MVL Ecosystem, pronounced as “em-buh l” Ecosystem) is a new blockchain-based ecosystem created for use in the vehicle industry. Participants of the ecosystem are expected to be individuals familiar with the vehicle industry – for example, car owners, motor vehicle manufacturers/retailers, motor vehicle repair and/or modification service providers, motor vehicle insurance companies - and their participation in the ecosystem will allow them to upload core data relating to a specific car, including information regarding traffic accidents or repairs, into the blockchain. Participants who provide data related to a car will receive MVL Points (MVP), which are an element of a reward system used to encourage contribution to the ecosystem.
Participants of different roles can participate by providing accurate and transparent data related to vehicle management, driving, repair, transportation service and so on. Therefore, blockchain data will be used by used-car dealers, self-driving car makers, insurance companies and more. MVP can be used for marketing purposes, as points will show how well businesses are doing; or can be exchanged to MVL Coin (MVL).
MVL Coins can be traded for MVL Points (and vice versa) or used to trade with other participants in the ecosystem. This also means that contributors will earn MVL Coins if their data is sold by providing data to others.
Finally, MVP and MVL will be used for the blockchain’s agreement protocol (mining). We have improved the existing agreement process that mainly credits those with expensive mining tools (proof of work) and large capital (proof of stake). We are practising a distributed economy, or deconomy, where safe drivers, friendly chauffeurs, honest mechanics and other diligent data providers are fairly rewarded.