CarTaxi – the first global service for towing vehicles based on Blockchain has just been announced by a group Blockchain developers who recently created and have already successfully launched their new project which successfully operates on local markets and is active in more than 15 cities, after just two short months in operation.
CarTaxi is an Uber-like platform that brings together all car towing companies and is already revolutionizing this market . As the global platform nears launch, CarTaxi is organising a Pre-ICO campaign set to go live on August 30, 2017.
What drives the project forward
The world market capacity of towing service estimates more then 26 bln. USD. With more private and commercial vehicles hitting the roads, the need for efficient towing services arising due to vehicular breakdown, motor accidents, improper/illegal parking, impounding, etc., will become a priority to ensure obstruction-free traffic, enforcement of law and order, and even the convenience of vehicle owners.
By using Blockchain and cross-platform programs, CarTaxi has created a network of registered and licensed car towing services. This project has made major breakthroughs in the quality of the service provided for corporate and private clients. CarTaxi introduces accountability to an industry which is mostly fragmented. It provides easy access to the right towing company at the time of need. The platform’s application makes towing service accessible with a single touch of a button on any smartphone.
This Blockchain based service has over 1500 registered car towing companies.
With the Blockchain implementation, CarTaxi gains an advantage over traditional aggregators, enabling global expansion in no time. It uses Blockchain technology based on Ethereum and expedites payment transactions between car towing service providers and tokenholders which altogether provides transparency in the oversite of company activity.
Smart contracts provide interfaces for operating business processes, starting from registering a new client and getting a new towing service provider connected to successfully completing a client’s order and settling payments with service providers and investors. With every new order the smart contract records the clients coordinates, vehicle parameters and estimated time of arrival of a tow truck.
If a car towing company does not reach its destination within the estimated time – it will be subject to penalties. The car towing service provider checks the order details and conducts an inspection for vehicle damage. If the details don’t match, the smart contract does not allow to proceed to the next step – loading the vehicle. When the order is completed, the program analyzes the final parameters and automatically pays the towing company.
Smart contracts includes basic mechanisms of DAO: tokenholders vote on dispersing company revenue.
Control over order fulfilment is especially important because the company plans to provide services for vehicle transportation over large distances, between cities and countries, in difficult logistical scenarios.
The upcoming Pre-ICO on August 30, 2017, will go on until September 19, 2017, which will be followed by the official ICO campaign set to begin on September 30, 2017 until October 30, 2017. CarTaxi has set a total cap of 500 million CTX, of which 12.5 million will be available in pre-sale and rest at the time of ICO. During pre-sale investors can purchase CarTaxi tokens with a 45% bonus.
The proceeds from token offering will be invested in further development of CarTaxi’s service. CarTaxi has scheduled Blockchain activation during Q4 2017, followed by its expansion into USA and China in 2018 and Europe in 2019. With the opening of representative offices in India and South America, the platform will be available worldwide by 2021.