ROAD: Bringing Blockchain to the Internet of Vehicles in China
As the advent of the internet-connected billions of people at the end of the 20th century, the beginning of the 21st century will see similar interconnectivity across our many devices. This is called IoT, or the Internet of Things.
Consulting firm McKinsey forecasts that there will be 43 billion connected IOT devices by 2023, representing a near 3 fold increase from 2018 numbers. According to IDC, annual spending on IoT is estimated to exceed USD$1 trillion by 2022, growing at a double-digit rate.
Venture capitalist firms have been some of the early movers in the space, allocating substantial investment to subcategories of IoT showing potential for rapid adoption.
One such subcategory is the application of IoT to vehicles, otherwise known as the Internet of Vehicles (IoV). The application of IoV will allow the seamless integration of services such as usage-based insurance (UBI), driver wellbeing monitoring and predictive maintenance.
IoV will turn every vehicle into a sender and receiver of dynamic real-time critical data. As a result, protecting this data becomes one of the most important challenges.
In this regard, ROAD has cemented an important position in the IoV sector by developing an OBD device that securely facilitates IoV communication and creates a mutually beneficial economy for drivers, vendors, and vehicle service providers.
A Closer Look at ROAD’s OBD Device
Central to any IoV ecosystem is a method of vehicle and driver data collection. ROAD uses an innovative OBD device that plugs easily into all cars manufactured after 1996.
In its white paper, ROAD explains that its OBD device uses blockchain technology to help prevent the misappropriation of private data and encrypts all transmissions to ensure the overall security of the network.
Within its first 2 months of trials in China, ROAD’s OBD device helped 31 car owners solve 46 vehicle safety issues. It also helped auto repair shops with an additional 16,832 RMB income. 500 further OBD devices will be activated in March 2020.
Tomorrow’s IoV Business Ecosystem
ROAD’s IoV business ecosystem will use the data from the OBD devices to ensure a better experience for all participants.
Drivers of vehicles may derive value from efficiencies in driver assistance, vehicle condition monitoring, roadside assistance, car maintenance, refueling and charging, parking, etc.
Car related businesses, required to maintain minimum ROAD token deposits, maybe incentivized by more targeted and automated customer acquisition opportunities.
ROAD’s auto-ledger also captures value by aggregating data that can aid intelligent transportation, supply chain management, privacy protection, and various public services.
At the center of this ecosystem is the ROAD utility token, an IRC20 token on INT Chain, used to facilitate the transfer of value within the ROAD network.
The ROAD Token and the IoV Boom in China
As a limited supply asset, the value of the ROAD token will be intimately linked to the growing demand in China for participation in the IoV business ecosystem.
Some participation scenarios include:
● E-commerce application: auto parts supply chain platform of ROAD system, car accessories and peripheral products based on vehicle owners;
● Auto-finance: insurance, auto mortgage, distributed auto-finance, etc.;
● Data economy: data transactions between auto manufacturers, accessory manufacturers, insurance companies, second-hand car dealers, financial institutions, auto repair shops, and car owners;
● Sharing economy: pay for sharing economic scenarios such as ridesharing, parking spaces sharing, and battery charging sharing.
Demand for these value-added benefits may see the growing demand for ROAD’s IoV business ecosystem and fuel future demand for the ROAD token.
It is reported that ROAD will be recruiting thousands of merchants to join the ecosystem in the near future, including those operating in Guangdong, Shandong, and Hainan.
This early growth of the ROAD ecosystem is a big step towards establishing a firm position in the upcoming IoV boom in China.
Future demand for the ROAD token will be highly leveraged to the rate of IoV adoption in China and the success of the project’s initiatives to grow the ecosystem.
