YAS Group Ltd has announced the beta version of its YAS Mobility or YASMO iOS app, a blockchain-powered drive-to-earn platform that disrupts the way people drive and own cars, with a mission to create safer roads and smarter cities.
The company said in a statement that the beta version offers a unique “Drive-to-earn” community environment that incentivizes safe driving habits while ensuring the secure storage and sharing of driving data and is available in selected markets across the US, Europe, Canada, Malaysia, Vietnam, Japan, Korea, and Hong Kong.
According to YAS, the rapid growth of the electric vehicle market has posed challenges for the car and insurance industries. A report by the Alliance for Automotive Innovation in January 2023 estimated that more than 652,000 EVs were sold in the first three quarters of 2022, representing 6.5% of all U.S. light-vehicle sales.
Industry forecasts predict that 56 million EVs will be on the roads globally by 2030, led by innovative products and services from EV brands in China and the US. The rise of EVs has significantly impacted both the car and insurance industries.
The new EV technology, drivers’ unfamiliarity with the road performance of EVs, and the driving habits of EV drivers pose significant challenges for insurers, car brands and servicing sector leading to increased repair costs and higher insurance premiums.
As such, YASMO will be able to help provide better products and services to the industry players. “YASMO is an innovative mobile app that records real-time data on driving patterns, behavior, and vehicle performance, which can help to tackle the challenges mentioned above.
“By forming strategic partnerships with car brands, motor servicing/sales marketplace and ride-sharing companies, YASMO can unlock the overall automobile industry with increased transparency of driving data, improve data quality, enhance the digital customer experience, and ongoing customer engagement opportunities,” it said.
Additionally, YASMO also helps the insurance sector to revamp underwriting models and pricing. The platform encrypted records on the chain help insurers make more informed underwriting decisions and more accurately price risk, leading to lower insurance costs for EV and car owners.
YASMO also promotes driver safety awareness and reduces risky behavior through its “Drive to Earn” feature. The app records trips and rewards drivers with tokens based on safe driving habits, incentivizing safe driving behavior, and improving road safety.
YASMO’s API connects with brands, merchants, and partners to unlock special rewards thru a global leaderboard further engages the drivers with the right driving behavior.
“At YASMO, our goal is to make driving more enjoyable and rewarding through the use of blockchain and web3 technologies while improving road safety and the environment,” said Kan Ng, Product Lead of YASMO.
“We believe the app will revolutionize the way people view driving and are thrilled to see the positive impact it will have on our communities,” added William Lee, Co-Founder of YAS Group.