Technology evolves, and new applications come up. Today, we will check out a transportation based token, the Road token. The project attempts to create, a full life-cycle interaction, and accounting system, for cars, based on blockchain technology. This will be called the Auto – Ledger.
It is an internet of vehicles, and an intelligent transportation system, built on individual interaction and community intelligence.
Based on the auto-ledger, business applications, can be built, for data transaction, information exchange, and vehicle finance, by protecting user's privacy. The car after-market (car maintenance, user car trading, and auto-finance) grows rapidly, and it's value, can exceed, 800 billion US Dollars annually. With the use of 5G technology, All cars the come out of the production line, after the second half 0f 2029, will have pre-installed, 5G internet connectivity.
The auto-ledger records all static data, like (VIN number, car price, configuration, insurance, mortgage, etc.) and dynamic data like (driving habits, driving trajectory, maintenance, violation records, etc.). This maps, a virtual digital vehicle, in the system. The owner controls this data, and manages the data, and all digital assets, of the vehicle.
The blockchain architecture, is divided in three layers. Data production layer, Data storage layer, and Application layer. With the security of the blockchain, all participants, manufacturers, users and maintenance providers, will add data, for the virtual digital car in the auto-ledger system. The road token, will have an initial distribution number of 2 billion tokens.
This is, a very interesting project, and I will follow to see, how it evolves.