TrustedCars Using Cryptocurrency to Modernize Car Ownership
TrustedCars (FLEX) ICO–”Changing Car Ownership Forever” is the tagline that accompanies the website for TrustedCars new ICO, a cryptocurrency looking to merge blockchain and decentralization to bring car ownership into the digital age. The premise is simple but revolutionary: customers pay as they go, renting cars for as long or little as needed, all through the ease of a digital application. The pool of potential rides is pulled from a collection of participating dealers, meaning as the currency grows and adoption expands, the benefits of using the service in addition to the options available also increase:
“With our paperless end-to-end solution you can choose any car you want from the available inventory of participating car dealers, sign for it in the app and you are ready to go. Drive the car as long as you want and return it or swap for another car anytime. With no fixed costs or long-term contracts but for a low weekly payment including all expenses.” Similar to Uber and other ride sharing services, TrustedCars has placed an emphasis on streamlining the rental process through smart phone applications, allowing all transactions, legal requisites and information sharing to occur through an easy-to-use app. Customers will have the ability to exchange their ride for other vehicles, giving a person the option of experiencing a variety of different cars for the cost and convenience of a single rental service.
As we move into an expected age of ridesharing, already propagated through services like Uber and Lyft, the premium placed upon owning a vehicle decreases. Instead, more customers are looking at alternatives to long-term ownership, which comes with the additional burden of insurance premiums and regular, costly maintenance. Widespread renting and vehicle “sharing” has been a proposed solution to the immense waste created through the auto-industry, and serves as a means of improved efficiency for the everyday driver. According to Fortune, American cars spend 95% of their lifetime in park, creating thousands of days of wasted utility, in addition to the massive overspending most customers make on a tool they use only 5% of the time. Parked cars are associated with increased mechanical problems, further contributing to lifetime costs and creating a wider gap in the cost-efficiency measure of car ownership.
