Telematics can Now Issue Crypto Token for Driver Engagement, Powered by Damoov
Washington, United States
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May 25, 2022 07:25 AM Eastern Daylight Time
We are fast advancing to an age where the lines separating our real life from our virtual life are blurring. From Virtual Concerts to sites that let you buy virtual property anywhere in the world - it's all there already, and there is more coming up. In the latest development, Telematics major Damoov has announced the integration of the popular crypto networks of today, Solana and NEAR, to its Telematics platform.
The integration opens up two significant possibilities.
Firstly, companies building telematics-based apps can provide drivers with new ways of engaging by accruing crypto tokens for safe driving, eco driving or driver performance. The crypto tokens that have all known benefits and may be transferred to wallets across the entire blockchain ecosystem.
On the other hand, gaming companies can easily build Play to Earn games where gamers can be rewarded with crypto for their real-life driving skills. Telematics is the field that studies vehicle movement and position data to arrive at actionable insights about driving skills, safety, and vehicle longevity.
Companies like Damoov use machine learning to analyze the data to derive such insights. Damoov's APIs have been used by Automakers, Fleet Management Companies, Driving Schools, and Insurance companies to build their smartphone app for telematics. As per Ivan Shornikov, the CEO of Damoov, the promise is immense. "All existing smartphone telematics products are struggling with low driver's engagement. That is a game-changing step for driver engagement and future telematics. The new service unlocks huge opportunities to use crypto to improve safe driving, eco-driving, and driver performance," says Shornikov. "Most Importantly, this engagement feature doesn't require months of development. In as little as 30 mins, you can add crypto earning capabilities to your existing telematics-based apps for safe driving."
So, how does it work? Damoov's proprietary machine learning-based algorithm measures smartphone sensors data and translates it into driving behaviors, vehicle position and other variables to calculate Safe Driving Score, Eco Driving Score, and other performance metrics. These metrics can then be used as input for rewarding drivers as well as vehicle utilization. While such rewarding capabilities were already present in Damoov's telematics suite, the rewards get more real with the new developments.
When it comes to Crypto gaming, we are also looking at some exciting possibilities. "We are in talks with Crypto Game Developers as well. We will soon see games where your real-life driving skills are linked to your virtual car and can reward you in the virtual world via crypto tokens," adds Shornikov.
Damoov supports any 3rd party tokens launched on Solana or NEAR protocols, so Developers can launch their own tokens and connect them to Damoov platform.
Founded in 2019 and headquartered in Washington, Damoov has so far raised funding from Alchemist Accelerator and StartaVC.
Contact Details
Ivan Shornikov
PR Contact
Company Website
