Carchain creates lifetime value by keeping immutable and permanent vehicle records on the blockchain.
Our solutions will help current and future owners of more than a billion cars build a chain of trust about the history and use of their vehicles.
In addition, our set of blockchain-based solutions seeks to facilitate and protect the parties when advertising, trading, and investing in cars.
Our Core Values
Passion for Cars, Trust, Transparency, Integrity, Commitment to Customers, and Accountability.
To enrich Carchain stakeholders experience and profitability by providing them with the best solutions to store and share vehicle details, and trade wisely.
To become the world’s most loved platform to store and share vehicle data and enhance the classic and vintage car market liquidity.
Tell us about yourself?
I’m a former captain of the Argentinian army, a certified public accountant, I hold a master in international business, and a specialization in blockchain.
Carchain is the result of a combination of passion for cars, experiences and professional education.
Cars have always been a passion of mine since I was younger. I discovered Juan Manuel Fangio from my dad, and it’s been a dream since to own a Ferrari.
Then, I personally experienced two times mileage frauds on the used car I bought. Furthermore, when I was working within the Argentinian army, I used to control the fuel and spare parts that were supplied to the vehicles within a regiment. At that moment, every vehicle had a book of records that register all these supplies. The book was signed by 4 different people because of distrust.
And then, after finishing my studies in Trieste, and doing a intensive market research about mileage and originality frauds, I said to my self Blockchain is the solution for this.
And that’s why we have Carchain now.
If you could go back in time a year or two, what piece of advice would you give yourself?
My advice would be, to keep things simple and have a clear plan.
What problem does your business solve?
We reduce the asymmetric information between buyers and sellers when trading vehicles guaranteeing a better sale price and greater market liquidity.
What is the inspiration behind your business?
First, that the automotive industry experiences different types of scams and frauds. In 2018, the European Parliament stated that odometer manipulation happens in 5% to 12% of used car national sales and 30% to 50% of cross-border sales, causing up to 9.6 billion euro in annual economic losses.
Besides, if we consider the classic car market, issues related to vehicle originality and paper-form documentation arises.
These problems take more relevance when vehicle value increases.
Carchain was created to provide the necessary instruments to protect sellers and buyers in the vehicle commercialization. We introduce blockchain technology to the automotive industry to enhance stakeholders’ integrity and security.
What is your magic sauce?
Our magic sauce is the way we implement blockchain to solve a real problem.
In the physical world, each car is unique, with its own Vehicle Identification Number (VIN), engine number, mileage, physical characteristics due to its usage and history.
The Car Digital ID is a digital representation of the real asset, in other words, its digital twin. It is represented by a Non-Fungible Token (NFT) on the blockchain.
The identity includes all the information that identify the car plus all the records and proofs related to its usage, mileage, maintenance, and care.
All the information is private and only its owner can access it. The identity is transferrable; thereby, you can transfer it when you sell the car.
What is the plan for the next 5 years? What do you want to achieve?
I think 5 years is too far away, but…
This year, we are launching the Car Digital ID for classic cars, our token named Carchain Coin, and DocuVerify. The latter, is a solution that allows third organizations to register documents, certificates, and pictures on the blockchain. We use this tool to nourish the Car Digital ID with information coming from third entities to enhance the integrity and transparency of the identity.
Then, before the end of this year, we want to launch our solution for used and new cars. This version of the Car Digital ID will allow to connect the car and nourish the NFT directly through telematics.
After implementing this, we want to allow people to purchase cars online using cryptocurrencies and customize smart contracts.
At the end of the road (within the next 2 to 3 years) we want to make possible STO (Security token Offering) for classic cars. We want to allow classic car enthusiast to own a piece of the car they love.
What is the biggest challenge you’ve faced so far?
The bureaucracy of the public institutions and the readiness of the market. We launch a car marketplace and some other solutions because people weren’t ready one or two years ago. I think that now they are ready for this.
How do people get involved/buy into your vision?
We want large carmakers to get on board. We are convinced that the Car Digital ID must be issue at the moment the car is manufactured. We are ready and we can provide them with APIs that simplify all the process.