Under the Symbol:
Blockchain Technology for the Marine Industry
Friday, January 5, 2018 7:00 AM
Twin Vee Forms an Exploratory Team to Utilize Blockchain Technology for Boat Ownership, Registration, Transfers, Titles, Warranties, Lenders, and Insurance Providers
FORT PIERCE, FL / ACCESSWIRE / January 5, 2018 / Twin Vee PowerCats, Inc. (OTC PINK: TVPC) announced today that it is forming an exploratory team to analyze and vet the possibility of creating a decentralized online portal harnessing cutting-edge blockchain technology that would track, catalogue, manage, and perfect the purchase, ownership, and sale of new and used boats. Joseph Visconti, President of Twin Vee PowerCats, Inc., states that an online portal powered by blockchain, could "revolutionize the boating industry and be an invaluable toolset for companies like Twin Vee PowerCats, Inc., as well as lenders, insurers, potential buyers, and the government."
Blockchain is, in essence, an online ledger 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, or, in a "chain." In other words, blockchain technology can record the movement of any kind of asset from one owner to the next in a completely digital database accessible with computers and smart devices. Additionally, an asset's blockchain is public and not owned by any one corporation. The idea being that its openness ensures the integrity of transactions of ownership, as everyone involved in the process has a stake in keeping all records honest and up to date.
"There are so many great things about blockchain," Visconti comments. "For example, blockchain reduces the costs and time to complete transactions because it is decentralized. No one entity, company, or person has control of accessing the information contained in an asset's blockchain. Therefore, there are fewer intermediaries needed when an asset is sold because all of the relevant information is out there for everyone to see. Why would you need to pay someone to examine a title and look through a bunch of records when it is accessible by anyone, anywhere, at any time?"
Twin Vee PowerCats, Inc., seeing the potential for blockchain in the boating and marine industry, has formed an exploratory team to investigate how to implement and build the blockchain for boat registries in Florida and beyond. "Neil Ross from James Ross Advertising & Interactive has joined our exploratory team to discover the viability of this technology in our industry." In addition to examining if blockchain can work, the team will also be looking at how to organize all the information needed and the infrastructure required to launch the digital database.
Visconti envisions the application of blockchain for far more than just ownership verification. "I see the potential for blockchain to keep track of things like accidents, warranties, registration, recalls, and other important data about the state of the boat itself. This information would be invaluable to boat manufacturers, lenders, insurance companies, and prospective buyers. I think there is little doubt that blockchain and the potential it holds will completely transform the boating world and not only redefine business but the entire economy as well."
The exploratory team will provide regular updates on blockchain in the marine industry to Twin Vee's management team. Moreover, the team will help the Company transition to the digital and decentralized ledger system when the appropriate infrastructure and support is in place. "With this first step," Visconti remarks about the establishment of the exploratory team, "Twin Vee embarks on a mission to not only keep up with current trends in how to conduct business, but will be the tip of the spear in designing a completely new and democratized way to make it easier and cheaper for owners to purchase the boat that they want and get them on the water faster than ever before. That makes this whole venture worthwhile to us."
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.
SOURCE: Twin Vee PowerCats, Inc.