BaNET Information Technology Pushes for ‘BlocVehicle ICO’ Project

Jul 31, 2018

A South Korean financial solution provider called BaNET Information Technology is planning to carry out ICO (Initial Coin Offering) of an automotive P2P (Peer to Peer) transaction platform based on Ethereum blockchain. It is striving for a new challenge based on its knowhow in financial transaction security that it has accumulated from financial institution markets for 17 years.
BaNET Information Technology (CEO Lee Chang-ha) made an announcement that it has established BlocVehicle (CEO Lee Chang-ha) in Singapore after forming a consortium with 5 mid-sized venture companies and that it is currently working on establishing network for BlocVehicle. ICO project of BlocVehicle is estimated to be worth $26.8 million (30 billion KRW). Saltware, Softbase, Compass System, ICK, and Higen are the ones that are participating in this consortium.
BlocVehicle’s goal is to provide P2P used vehicle deals that allow people to deal used vehicles directly without any intermediary based on history of maintenance of used vehicles and to provide P2P car sharing service that allows people to borrow cars at tourist spots just like Airbnb by April of 2019. BlocVehicle is estimating that there are 90 millon cars and 1.2 billion people in used vehicle market and car sharing market respectively.
BlocVehicle provides network to people so that they can deal used vehicles fairly and transparently and borrow cars. People can purchase and borrow cars through ‘VCL (Vehicle Token)’ issued by BlocVehicle.
Individuals are compensated with VCL whenever they save data related to car maintenance such as carwash and oil change into blockchain. Used vehicle sellers do not have to pay commission whenever they go through used vehicle direct transaction structure based on data of car history. Buyers do not have to worry about fraudulent deals either.
Also, tourists can conveniently borrow cars based on data of car history such as insurance. Owners of cars can make profits by having people borrow their cars that are not being used.
BlocVehicle is planning to carry out pre-ICO of VCL starting from the 15th of August until 14th of September and it is planning to sell 100 million VCLs out of 1 billion VCLs that it is going to issue in total. 8,500 VCLs will be distributed per 1 Ethereum (ETH). 70% will be paid additionally as a bonus. People can participate in this pre-ICO through ETH after completing KYC (Know Your Customer) procedures from BlocVehicle’s official website.
Actual sale of VCL will be from the 20th of September until the 31st of October. 300 million VCLs will be distributed within this period. 5,000 VCLs will be distributed per 1 Ethereum. Bonus of 50%, 25%, and 0% will be paid gradually. Minimum amount of ETH required to participate in ICO of VCL is 0.1 ETH.
Staff Reporter Ahn, Soomin | smahn@etnews.com

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