2018 Spring meet-up, announcing blockchain-based Car-sharing services, and new Cube Intelligence CEO inauguration
Richard Biggs, Cube Intelligence UK CEO
Cube Intelligence is a company that develops and provides blockchain-based autonomous vehicle security. Newly inaugurated Richard Biggs is a management specialist, with a major in Economics from LSE, and worked as an analyst at Ernst Young, a global consulting firm, and ABN AMRO, an European financial group. The inauguration was held today (April 18th) at 4pm, COEX Intercontinental Hotel.
Decentralization is the pivotal difference of Blockchain-based car-sharing from the existing car-sharing services. The existing car-sharing in a centralized car-sharing company buys cars in large quantities and distributes them into regions, whereas the blockchain-based car-sharing connects individuals who infrequently use their cars, to people who are in demand of cars through P2P.
The first idea of car-sharing, although primitive, started as a P2P system similar to the blockchain-based. The first car-sharing started in 1948 in a small Swiss town where 10 households shared 2 cars in the form of collaboration. After decades of research, first commercialized car-sharing service, was launched by Zipcar in the United States. Although car-sharing has compelling advantages, it also has number of problems to solve due to its centralized method.
The most critical problem of the existing centralized system is the car management. In fact, the biggest complaint from customers are the condition of the cars, as damaged or broken cars cannot be confirmed in real-time although the cars are distributed widely. This is due to the centralized management of the cars.
In addition, more than 90% of the cars a day are parked in a parking lot. Nonetheless, the existing car-sharing companies are adding new cars and creating parking spaces that add to the vicious cycle of wasting resources. Blockchain-based car-sharing, is utilizing that 90% of cars that are left parked and unused.
Recently, the car-sharing market is rapidly growing in Korea. In Korea, Greencar has been steadily increasing since its first commercial use of car-sharing in 2011, and the customers using such car-sharing platform (Greencar and Socar) are approaching 5million. The value of the car-sharing company has also surged, and recently Socar has attracted 60 billion KRW through domestic Venture capital, with its estimated company value of 500 billion KRW.
On the other hand, Cube Intelligence’s blockchain-based car-sharing offers lower price, when using Cube’s Token, as partnered companies purchase the driving data generated from the cars.