CryptoSlate

CodeNekt: Dematerializing the Automotive Ecosystem with the Power of Blockchain

CodeNekt is unlocking the power of blockchain for mobility services. It is an application which centralizes vehicles’ and drivers’ data. This eases user experience by automating processes, alerting them of technical and legal deadlines, and acting as a trusted link between actors in the automotive ecosystem. In order to securely store this data onto the Algorand blockchain and add some otherwise costly services, the CDK Token is used as a tool.

Founded in France by CEO Francis Hachem in 2019, CodeNekt has identified an opportunity to utilize digital tools to solve pressing issues in the automotive market, such as the increased importance of vehicle safety, carbon footprints, public authorities and insurance companies dematerializing their services. Last year, the company expanded across borders and set up a presence in Zug, Switzerland, as its embrace of the thriving Crypto Valley culture continues.

CodeNekt aims to become the first essential trusted third party in the management and security of the customer’s mobility journey. To date, all existing apps focus on a specific area, like insurance apps for management of insurance contracts. However, CodeNekt centralizes all the data in one application to dematerialize the process and clusters all these contracts with the incorporation of eco-responsibility, time-saving, automation of follow-ups and instantaneity.

Each vehicle has a unique identifier, such as the license plate, which allows all the information related to the vehicle to be read. On the app, users can access information about their driving experience, including how much time they spend on travel, as well as useful functionalities like paying for parking, carpooling services and taxis. Customers can also use the mobile app without needing to know about Alogrand or the CDK token.

The CDK Token is built over the Algorand blockchain. By tokenizing vehicles, they can be bought or sold in the form of an NFT. CodeNekt has a rewards programme to incentivize users to own and stake CDK tokens. The token is original as it is utilised to secure sensitive data and generate a financial flow from the outside world to the crypto world, with its value tied to CodeNekt’s commercial success. Thus, it is a great hedging tool as it expectedly may see its value rise, even when cryptos enter a bear market. Leveraging decentralized governance is one of the many features of a unique token that is ready for disruption.