MVL Chain - A new competitor is coming to the mobility industry!

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Mass Vehicle Ledger (MVL) is a blockchain-based ecosystem for the vehicle data industry, which aims to store all the data of a car from from the day of production to the end of its life, including repairing information, maintenance, insurance, etc.

In the Blockchain Festival which took place on May 24th and 25th, at GEM Center, Ho Chi Minh City, Vietnamese investors and journalists had the opportunity to meet and talk with more than 30 presenters from the world’s leading blockchain projects, such as Kyber Network, Houbi, Achain, NEO, etc.

After the event, nami.today had a chance to interview Mass Vehicle Ledger (MVL) representative – Ms. Bien Hoang (marketing representative of MVL chain in Vietnam) - in order to understand more about this potential project.

Mass Vehicle Ledger (MVL) is a blockchain-based ecosystem for the vehicle data industry, which aims to store all the data of a car from from the day of production to the end of its life, including repairing information, maintenance, insurance, etc.

Every year, there are hundreds of millions of new cars which are sold and billions of cars are driven on the roads from all over the world. However, there are still many issues that industry members have to deal with, most of which are poor customer experiences when using ancillary services. For example, when using maintenance and repair services, car owners are often charged very much, while they are uncertain whether the car is repaired well or not. In the used car market, buyers have no choice but to trust the sellers and the brokers that the vehicle information provided by them is reliable.  

MVL has been created thanks to the application of blockchain and for the benefits of the car producers, car owners, maintenance and repair service providers, as well as car insurance companies. The contribution of these members to the ecosystem leads to the complete data sharing of a particular vehicle.

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In order to enroll in MVL's ecosystem, “the vehicle will need to be inspected by the garage which has partnership with MVL”, said Ms. Bien Hoang. After that, all this data will be shared on the blockchain network, everyone has the right to upload and share information and receive rewards for his or her actions.

Data shared on blockchain includes vehicle number plates, car owners’ information, summary of driving history, accidents and repairs, change of car owner,etc.… For more details, one has to obtain the permission of the data owner, who often is the car owner or the driver.

Participants in the ecosystem of MVL will be rewarded with MVP (MVL Point) for the car-related information they share. MVP is a good indicator of marketing purposes, showing the performance of each participant. Besides, MVP can be exchanged into MVL Coin (MVL) in order to pay for other services in the MVL ecosystem.

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In the short term, MVL heads towards two main markets: Singapore and Vietnam, especially focusing on the latter. “Currently, Vietnam has a young population with relatively suitable scale for the development of MVL project. However, this potential market is still in the fragmented situation. While activities related to vehicles including trade, transfer, repair all create and require data, this data is not recorded and stored systematically, leading to the shortage of information and causing unnecessary costs in the industry” Ms. Bien Hoang explained.

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MVL at Blockchain Festival Vietnam 2018

In fact, MVL is not a pioneer in the field of vehicle data, big names like Vinchain, VLB, etc., appeared on the market earlier. However, Ms. Bien Hoang pointed out their advantages, mentioning some key achievements in the field.

“We have six years of experience in transporting services industry in some markets including Korea, Hong Kong, Singapore. MVL is also the choice of Pyeongchang 2018 Winter Olympic Games, so we are confident to enter Vietnam market. With some local partners such as Dichung, MVL is developing human resources to prepare for successful market penetration in Vietnam.”

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nami.today with MVL at Blockchain Festival Vietnam 2018

Their ICO ended on May 24, 2018, raising 2.34 bln MVL in public sale (target: 4.2 bln MVL) and 3.86 bln MVL in private sale (target: 4.5 bln MVL). At the present, they are filing for legal entity in Vietnam and preparing required formalities. In the near future, MVL will officially enter the market in the form of ride-hailing app based on blockchain.

Written by nami.today

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