SparesHub ICO Review: Eliminating Counterfeit Auto Parts Via The Blockchain

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The running costs of even an average family car are not cheap. Petrol, insurance, taxes, all add up to a significant yearly expenditure.

Then there’s the repairs, of course. Every car, regardless of price range or quality will need to be repaired at some point, and some of its parts replaced due to wear and tear. You want to make sure that the parts that go into your car are legitimate, to avoid potentially even greater damage.

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Here’s where SparesHub comes in. This ICO proposes a blockchain-based platform to ensure the legitimacy of spare parts for cars.

SparesHub: tracking and validating spare parts for vehicle maintenance

The quality and authenticity of spare parts is of the utmost importance, to ensure that a repair or upgrade job is sound. Compliance with standards may be lacking in certain geographical areas, particularly across emerging markets, which may lead to unsafe vehicles on the roads.

According to its whitepaper, SparesHub’s goal is to “build a global blockchain-powered automobile maintenance ecosystem covering parts & services, and create an auto parts supply chain provenance platform.”

How it works

Car parts are usually manufactured in remote factories and shipped over to their worldwide destinations, with many stops along the way. The integrity of the part can become compromised at any of these stages.

SparesHub proposes the implementation of a unique QR code for every individual part. This code would contain many parameters such as date and place of manufacture, shipping information, and other data stating where the part has been. This is recorded on the blockchain, which would guarantee full traceability. In addition, this technology would minimize the issue of vehicle recall, by using the QR code to specifically recall the vehicles where a faulty part has been fitted, rather than the entire fleet.

SparesHub in figures & quick facts

  • Token name – SparesHub token (PRT)
  • Total amount of tokens issued – 500m
  • Token price – 1 PRT = $0.1
  • Pre-sale start date – April 10th 2018
  • ICO start date – Q2 2018
  • Softcap – $1m
  • Hardcap – $25m

Notes:

SparesHub offers a Bonus and Bounty programs. Consult the whitepaper for more information.

The SparesHub token

The company will issue its own currency, the SparesHub token (PRT), which is based on the Ethereum ERC-20 Standard.

According to the website, the tokens can be used for:

  • Purchasing parts from SparesHub.com or SparesHub retail stores.
  • Incentivizing the multiple participants in the blockchain, such as manufacturers, distributors, and retailers.
  • Compensating for the proof-of-work on the blockchain.

Notes

  • PRT tokens would be eligible for dividends and buybacks equal to 20% of the annual
    profits of the company.
  • Token supply would be limited and capped, but their usage would be spread and continued over the next 15 years

Once created, the tokens will be allocated as follows:

  • Token investors – 65%
  • Company reserve – 25%
  • Bounty – 5%
  • Founders & Team – 5%

Learn more about the SparesHub team here.

Social media presence and digital footprint

At time of press:

  • Twitter – 145 followers
  • Facebook – 16.7k followers
  • LinkedIn – 374 followers
  • Telegram – n/a

Competition

SparesHub does have a very unique proposition in its hands. No other ICO currently deals with spare vehicle parts, which is a huge advantage in terms of longevity. Apart from the ICO itself, SparesHub already exists as a web portal to purchase parts online, so it is an established business.

SparesHub does not have any competition at this point in time.

Consult the SparesHub Whitepaper for more information about the platform, additional features and services, etc.

Conclusion

SparesHub offers a very attractive proposition, with real-life use and implications. Reducing the number of counterfeit or duplicate car parts in circulation will have a significant bearing in both repair quality and road safety, so this ICO’s concept deserves attention.

And as mentioned above, SparesHub already exists as a business, so it appears to have a solid financial base available.

 

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