A reader just showed me a new app being developed that intends to use a combination of LPR technology, mobile apps, the public and blockchain technology to bring the public into the world of license plate scanning. Repo Coin, is a startup company that plans to be rewarding app users with Repo Coins that can be redeemed for purchases and services much like a traditional credit cards Rewards program.
Some of you may remember this having been tried before with “Repo Spotter” in late 2013, but that doesn’t seem to have gained any traction in the industry or with the public. This latest venture offers a “Repo Coin” instead of actual cash payments, so, it’ll be interesting to see how this goes.
Their White Paper states; “Our strategic goal is to decentralize the entire process thereby taking it beyond traditional practices that consumes time and efforts. With the aid of blockchain and automatic digital license plate number reader technology, this project will provide an end to end technology solution. This project will incorporate blockchain technology to the lending and service market.”
The app is not currently available in the Apple Store and they are still in development with their road map having been provided to CUCollector by their Communications Manager, Osrie Khaled;
Sept 2017: Project Launch – Concept & Team Formulation
Q1 2018: Developement – Blockchain Token Developement, Launch of Repo Coin Web Store
Q2 2018: Repo Coin Launch – Repo Coin Car Giveaway Program, Token Giveaways
Q4 2018: Mobile Release – Beta Launch, Chicago Market
Q2 2019: Native Apps – iOS, Android Release, Live Transaction
Q1 2020: Platform Expansion
Repo Coin claims to have “a number of professionals with extensive knowledge of the industry.”, but no one in their team line up in their White Paper show anything more than a tech background except their attorney and the Senior Corporate Banking Advisor, whose profile shows “Served as VP of Bank One, and an underwriter in the Large Corporate Automotive Group responsible for overall risk management for a portfolio of 24 relationships with an aggregate credit exposure in excess of $3.0 Billion”
Not to sound too pessimistic, but liabilities similar to those of “Pokemon Go” come to mind as well as the challenges of acquiring public engagement simultaneous to the lenders. This is an interesting idea, but there are many hurdles for them to overcome to make this successful. Either way, best of luck to them and I look forward to seeing how this goes.
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