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Along with the development of AI, blockchain, and IoT, the IoV industry is moving towards a brand new paradigm shift. From blockchain trust base transformation: decentralized insurance, Usage-based insurance; second-hand vehicle market transaction records: vehicle history, usage records, maintenance records, to the formation of a new sharing economy: car sharing, online insurance, etc., are all gradually transforming from the past pattern into a new economic business model.
The hardware and software of automotive technology are advancing along time. Before level 5 vehicle autonomy reaches us, we are committed to building and improving the future IoV ecosystem and applications by utilizing prescient thinking and technology.
As an expert in advanced IoV data services and AI, Trans-IoT provides technical empowerment in future applications such as IoV insurance, second-hand vehicle trading, car-sharing economy, neo insurance, and data application platform, promoting the economic transformation and paradigm shift of the IoV industry.
The traditional insurance policies are all issued by centralized insurance companies, operating expenses and costs such as personnel, administration, and system maintenance are reflected in the policy rates and absorbed by policyholders. The fairness of claims settlement is also a matter of trust concerns in centralized management. With the booming development of DeFi, the insurance industry is bound to follow the shift to the decentralized model.
Decentralized P2P (peer-to-peer) insurance utilizes the immutability and trusted characteristic of blockchain, allowing multiple users to underwrite each other's risks, and by providing data applications such as driver risk level, policy rate-setting standards, and driving video data, we complement the missing elements of P2P insurance and successfully establish the scenarios on the blockchain.
Traditional insurance has faced many challenges in the past, from the fixed rate for policyholders, complicated underwriting reviews, time-consuming claims processes, and centralized trust issues. All of these factors are forcing the insurance industry to conduct digital transformation.
UBI (Usage-based Insurance) is a product under insurance digital transformation. By utilizing the data we provide such as vehicle video data, machine vision recognition, vehicle history tracking, and driver risk level, providing a new type of PAYD/PHYD insurance product. After integrating blockchain technology, further satisfying the reliability requirements of driving data, merging the insurance business model into the new economy.
The existing second-hand vehicle market is plagued with concerns and issues, despite car dealers are introducing certified vehicle programs, there are still trusted issues, vehicle profile fraud, mileage tempering, forged documents, etc., all challenging buyers' professionalism and experiences.
By integrating Trans-IoT's technology and applications, we provide vehicle historical tracks, mileage records, maintenance records, previous owner's driving behavior profile, etc. By uploading these data to the blockchain, we have the opportunity to provide a trusted second-hand vehicle trading market and scenario.
Along with the trend of vehicle networking and IoV development. By utilizing IoV data technology to provide technical advantages such as smart parking, smartphone keyless, vehicle driving records, mileage, and InsurTech integration. The car-sharing market and industry have gradually matured under the growth and transformation of vehicles.
With the utilization of Trans-IoT's IoV technology, we provide vehicle virtual key, driving behavior optimization, parking monitoring, and sentinel mode, vehicle and asset management, warranty and maintenance prediction, etc., optimize operational effectiveness and cost, improving the car-sharing ecosystem.
We aim to integrate IoV technology with blockchain, combining auto insurance, car-sharing economy, used car industry, pure network insurance, and other business activities through blockchain technology and our data capability. Meeting the needs of vehicle data reliability and information security, also leading the IoV industry into a new economy under the blockchain.
By integrating blockchain technology and IoV data capabilities, the IoV industry is entering the blockchain new economic development with applications such as insurance, used car trading, and the car-sharing economy.
Utilizing vehicle image data, machine vision recognition, vehicle history track, driver risk level, and other data to provide a new type of usage-based insurance, further meeting the needs of user driving data security and reliability by integrating blockchain technology.
By uploading vehicle usage records and past driving behaviors from used car resume to the blockchain, we ensure that the data is reliable and cannot be tampered with.
Integrating vehicle virtual keys, vehicle usage records, driving behavior optimization, vehicle asset management, warranty and maintenance forecasts, and other application services, optimizing operational efficiency and costs, improve the car-sharing ecosystem.
Insurance online underwriting has become an international trend. The FSC has announced the approval of online insurance company at the end of 2021, aiming to promote innovative products and business models.
The most likely type of online insurance is the UBI auto insurance policy that accurately calculates driver risk levels. Through our big data analysis and IoT technology capabilities, promoting InsurTech transformation of the insurance industry, achieve a win-win situation for both insurers and policyholders.
Trans-IoT has a wide range of IoT hardware terminals and more than 42 types of algorithms and risk models, extends multi-industry applications to cover markets such as insurance, fleets, vehicle manufacturers, car sharing, and used car trading.
We combine hardware technology, software capabilities, and a large number of vehicle databases to create a multi-data application platform. Integrating blockchain technology and IoV applications in the future, establish a complete IoV data platform.
As the expertise in IoT telematics, TransIOT’s solution utilizes the vehicle’s onboard diagnostics (OBD-II) to acquire various vehicle data. The volume of data from vehicles can serve as the foundation for various other automotive-related applications. Ensuring the authenticity and security of the data is where BiiLabs distributed ledger technology (DLT) comes in. It encodes the acquired data and stores them on Tangle, a peer-to-peer distributed (decentralized) database. This makes the data extremely safe or immutable and the Blockchain-DLT UBI (Usage-based Insurance) contracts offer other benefits such as claim process automation; reliable and transparent payout mechanism and enforcement of contract-specific rules.
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