@LoveCryptoAll, great question.
As the car owner, you have the choice to upload your vehicle data to the Blockchain and specify which kind of data (engine, tire, mileage, etc
) in exchange for CAR tokens. You can also turn this off at any time via the compatible hardware. CarBlock is right now partnering with smart device company nonda (
www.nonda.co) to offer token mining via their smart devices. Besides direct token rewards, Car owners also can benefit from the services and transportation applications that others will provide and develop as the ecosystem grows.
Maybe some examples can help elucidate this concept:
The immutability of the data on the blockchain can be immensely helpful in the situation of Peer-to-Peer Car Rental. For instance, through the hardware enabled data collection and smart contracts, CarBlock eliminates unnecessary conflicts, any ambiguity in responsibilities and the loss of potential property for P2P rental transactions. CarBlock also provides greater safety and ease of use for P2P rental applications.
Auto Insurance: Data can help auto insurance companies boost their competitive edge and optimize their premium modeling, so that they can offer more tailored and flexible packages to their customers, as weve seen companies like Metromile do. Plus, car owners can enjoy better pricing by authorizing insurance companies access to their cars data and pay with CAR tokens to get their insurance coverage.