Vinchain ICO revolutionizes the auto industry (used car market) by developing a decentralized, transparent, immutable, reliable and secure vehicle lifecycle repository. The decentralized blockchain database maintains a record of all important information relating to cars.
- The project aims at issuing a blockchain passport for vehicles.
- The passport is stored in the distributed registry.
- It provides reports that sellers, buyers and other participants can order.
It is the first decentralized automotive data marketplace in the world. With the vehicle history tracker, the project hopes to change the market of salvage cars worldwide.
The main aim is to provide a full vehicle history by keeping records relating to the vehicles. Participants can connect to the network and buy car history reports with VIN tokens and fiat currency.
Major problems faced by the used car industry
- There is no centralized, continuous update of registered cars.
- Irregular information in the used car industry.
- Bank, leasing company and insurance company fraud.
- Data provider doesn’t verify information.
- No continuous periodic update.
- No database of vehicles.
- Unreliable quality.
Solutions offered by VinChain
- It offers a decentralized, transparent vehicle lifecycle repository.
- VinChain provides full transparency on vehicle history.
- It records vehicle information
- It utilizes distributed storage to offer accurate information.
- It assures participants of security of data and absolute reliability.
VinChain offers solutions through:
Vinchain may also help collect data from live driving. Users can collect data about their current vehicle. This can be done via the app and installing telematics hardware in the vehicle. This may help keep the vehicle connected to the system.
VinChain aims to use a decentralized Blockchain database or lifestyle repository to build a transparent market for the buyers and sellers of used cars. The system may solve the problem of asymmetric data.