Twin Vee PowerCats, Inc. to Launch Blockchain Company for Ownership, Registration, Title, and Warranties for Boats, Motors & Trailers
FORT PIERCE, FL / ACCESSWIRE / January 10, 2018 / Twin Vee PowerCats, Inc. (OTC PINK: TVPC) announced today that it has registered a brand-new, wholly-owned subsidiary with the Florida Division of Corporations called Marine Chain, LLC. The new company will create a decentralized and completely digital database for new and used boats. Joseph Visconti, President of Twin Vee PowerCats, Inc., states that Marine Chain, LLC's online platform will be powered by blockchain. ''By launching Marine Chain, LLC, we will be providing a vital service to banks, insurance companies, lenders, manufacturers, dealers, owners and end users. As of today, a national database does not exist for the chain of custody for ownership of marine asset information including registration, title and warranties for boats, trailers, motors, and even electronics with specific registration numbers. Marine Chain, LLC will offer this and more.''
Marine Chain, LLC is utilizing blockchain technology as the backbone of its new online portal. Blockchain is a decentralized ledger platform that records each transaction in a verifiable and permanent way as a ''block.'' These blocks are added to a specific asset's information in chronological order, allowing other users to quickly and easily see an asset's entire history based on that user's privileges and access. The blockchain is secured using cryptography and by design, is highly resistant to modification or tampering because the digital ledger records each transaction across many computers. ''This makes blockchain ideal for keeping complete, secure, and accurate records for the boating and marine industry. Our system will greatly improve upon what the states have in place now,'' remarks Visconti.
Currently, states like Florida only require that vessels registering with the state to provide a statement such as a Manufacturer's Statement of Origin (MSO) that lists the description of the vessel, including manufacturer's name, model, year, hull identification number, maximum horsepower, maximum capacity, and length. ''Unfortunately for owners,'' says Visconti, ''the states don't go far enough in cataloging this information. For example, only six states require owners to register titles on their boat's motors. In any other state, outboard motors are the easiest for thieves to steal because they are not properly registered along with the rest of the vessel's information. As such, there is no easy way to track where a boat motor comes from if it is sold in the other 44 states.'' Marine Chain, LLC, however, will require owners who subscribe to its service to log any and all serial numbers from their boat's equipment to go along with their boat's registration. Visconti says, ''Boat motors, trailers, electronics, and all other relevant information will be kept secure using Marine Chain, LLC's blockchain technology and will surpass the antiquated system currently in place at the state level in terms of overall usefulness.''
Marine Chain, LLC's subscription service will be available for the entire marine industry in the United States. While states do not typically confer with one another regarding a vessel's registration, the digital ledger will be available to owners, prospective purchasers, insurance companies, banks, and manufacturers across the country. ''With an inherently reliable system to keep track of every facet of vessel ownership in place, I think we will see significant interest from companies that are involved with the marine industry. Our toolset will be available to whoever requires it so that they may obtain the information they need to purchase a used boat, secure a loan, obtain insurance, or process a warranty claim,'' states Visconti on the practicality of their upcoming online portal.
Visconti predicts that the digital ledger his new company is building will be an important step forward to modernizing current ways of doing business related to the marine industry. ''We are in the early stages of development, but the dialogue we currently have with lien holders, banks, other manufacturers, and dealers are promising. The security, accessibility, and inclusivity of information offered by our system will transcend anything that has come before it.''
About Twin Vee PowerCats, Inc.
Headed by CEO Joseph Visconti, originally founded in 1994, the company designs, manufactures, and sells recreational and commercial twin-hull power boats under the Twin Vee brand name. Over the past 23 years, the company has concentrated on perfecting the high-speed twin-displacement hull design, also known as a ''catamaran powerboat.'' For more information, go to www.twinvee.com or visit Twin Vee Powercats, Inc.'s Facebook page.
Contact:
Joseph Visconti
[email protected]
(772) 429-2525
SOURCE: Twin Vee PowerCats, Inc.