Cahrenheit: Blockchain for the Automotive Industry on the VeChain Platform
Although the automotive industry is a trillion-dollar industry, it is still plagued with “information asymmetry” which results in unhappy customers. Customers are often left dissatisfied with issues bothering on quality, pricing, and overall experience. A somewhat centralized playing field in the automobile industry is to be blamed for these issues. The industry is filled with businesses who are trying to monopolize the market, as well as intermediaries who are mainly interested in short-term gains.
Cahrenheit is a blockchain project that aims to enhance transparency and solve the problem of information asymmetry in the automotive industry. The project is powered by VeChainThor, and has claimed to have the potential to unlock about $45 billion in value for all participants in the ecosystem; manufacturers, car dealers, car owners, insurance companies, and service shops, etc. This estimated value of $45 billion is just in China alone. The global automotive market was valued at $760 billion in 2015. So, it’s evident that this is going to be huge if the team can pull this off.
Cahrenheit consists of 5 key parts; CAHtrust, CAHmart, CAHnalytics, CAHmine, and CAHnode.
CAHtust is a decentralized search, listing, and rating platform for the automotive aftermarket. Users can give reviews based on real transactions. CAHmart, as the name suggests, is a marketplace for SMEs to showcase their products and services. Data is analyzed live and cross-reference with CAHnalytics. CAHmine focuses on IoT for both cars and SMEs. And finally, although the details of CAHnode are still sketchy, the team has said it will help the “CAH foundation and CAH ecosystem grow from the beginning.”