Blockonics

Inspiration

What it does

How we built it

Challenges we ran into

Accomplishments that we're proud of

What we learned

Inspiration

What it does

How we built it

Inspiration:

When we saw problems in day to day car dealings and lack of trust as well as authenticity and rise in fraudulent cases so these reasons became our inspiration to create a secure solution to cure this issue.

What it does:

Our idea is to store physical assets on chain. But this idea is so general that we can implement on many physical assets. We are focusing on the automobile industry which has a billion and trillion dollar industry.

We are storing main components of car on chain to make a transparen system of record and eliminate fraudulent cases. This can be done my matching metadata of both main components of car and NFTs This idea has two perspective.

Manufacturer This idea will benefit manufacturers in their internal supply chain process. Taking the Example of Kia Germany, they procure parts from different countries such as China and Japan So the company needs to keep a track record of where the parts are imported and what components are used. Following the trail of the above process might not be important for the end user but the company needs to keep a track record of where the parts are imported. So NFT will be generated against each car which will serve the following purposes.

They can form a community and portal of that car company (for example Community of KIA Motors). By logging into the portal, the members will be able to access to the information of cars, some privileged features, discounts, and campaigns offered by the company.

User The event consists from the Pre-manufacturing phase two deliverable phase, each event is stored on blockchain so that buyers will stay notified on what phase their car is in. From assembling the parts to documenting important step of manufacturing they will keep a track record and even stay updated so it will become easy for buyers to know when their car will be delivered as well as the company gets from where the parts of the car are procured. upon ordering a car digital representation NFT will be minted and will be transferred into the wallet of the buyer using, for example, a meta mask and the process will go on for every car.

Moreover, upon selling the used car, the NFT will be transferred to the wallet of the new buyer and the previous owner will have no access to the portal and community as the NFT is transferred from his wallet as membership is only accessible by having NFT in the wallet i.e., the Latest buyer or current NFT holder.

This process will also create another advantage of keeping a trail of the used car such as the previous history, number of past owners, and all the details of the cars. Even after 10 years, the complete history will be drawn from the pre-manufacturing stages to the times of car sold.

From a customer support perspective, the minted NFT is a representation of the physical asset in the digital world, and against that, all events will be executed that are immutable which results in exceptional transparency.

User will also become a part of an international community where they will be able to access to the information of cars, some privileged features, discounts, and campaigns offered by the company.