VINCHAIN[ICO]THE WORLD'S FIRST DECENTRALIZED INTERNATIONAL CAR DATA MARKET

ABOUT VINCHAIN

Vinchain - before the commencement of the scheme, blockchain problem on the concentrated information storage scheme is not limited in number. What blockchain schemes are growing up, again there is a big problem in the field of automotive business. car information entered the gossip is not transparent and correct in the problem of overflow. So the possibility of buying a 'bad' car is high. This is because all the information is now concentrated in one industry alias. https://vinchain.io/en

Concentrated information storage is a disaster that awaits the hope of making progress. This situation makes it easy to create a bend for its benefits. Keeping information stored is the greatest challenge that makes academic information available to every plant.

The reason is that the information can be modified, Miss aka penataan is wrong because buried in the database on Sunday. Moreover, due to the harsh garib activity and the need to make the protection of information storage concentrated, the information may be out of date.

The entry of floor and car exports this time, consumers and traders must berembuk top position. The man's blueprint will be able to support the consumer who determines the car that is now made there. Power makes all countries understand their purchases. This will create a strong bond of trust between consumers and traders and factories.

Needless to say, misinformation meaning alias lag times in concentrated information stores in automotive factories could end badly. However, men ask for a way out of this problem. Support for decentralized information storage, you pointed to the correct information there as well as all rights to the car. The man will bring together the facilitators who are accumulating information information is the greatest advantage over a concentrated scheme.

appointed merchants can achieve higher transportation prices because the high quality is evident from your information. Vinchain technology supports automotive businesses that will add profits as well as melamine bonds are the top better clients.

BACKGROUND OF VINCHAIN ​​PROJECT

Every day around the world several thousand used cars are sold, and, of course, each buyer wants to get reliable information about the technical condition of the purchased vehicle. Unfortunately, there is currently no history database of cars. Of course, there is a commercial base, but it does not solve all the problems that exist, because the information in it can be unreliable.

VinChain solves this problem with Blockchain technology. Now information about each car coming from all participants in the system (manufacturers, insurance companies, car service providers, leasing companies, dealers, etc.) will be structured into reports stored in a distributed registry. The VinChain project will unify all data providers and create a continuous vehicle history, and ensure data does not change over the entire storage period using SHA-256 blocking and hashing technology using cryptographic algorithms.

Are you living in the US? Then, you should have heard the term “Carfax” while buying used cars. Usually, buyers will request the Carfax report of the car they are planning to purchase before making the final decision. What is Carfax report? How it helps the buyers to purchase a used car? A Carfax report contains the important information about a car like an odometer reading, accident records, details about the past owners, etc. If the Carfax report is clean, then it is more likely that the car is a good one. But there are some limitations in the Carfax report which are given below:

a. Expensive – To get the Carfax report of a single car, you need to pay approximately $40 as it is not available for free. If
you need the reports for 3 or 5 cars, then rates are $80 and $100 respectively.

b. Insurance companies – It is not necessary that the Carfax report contains all the accident-related information because
not every insurance company in the US sends the data to CarFax. Some owners will repair the car at their own
expenses without reporting to insurance companies in case of minor accidents. How will Carfax get information about
these kinds of information?

c. Accident history – If someone is selling a car right away after an accident, then the buyer will not know about that
accident because it would not have appeared in the Carfax report. Even if the damage to the car is minor, an accident
is always an accident. Right?

d. Scam reports – Car thieves will somehow get the original Carfax report of a good car and create fake reports to sell
low-quality cars. So, you need to be very careful while negotiating with the sellers.

There is no doubt that the Carfax reports are trustworthy. But it cannot be considered as the only or final option for purchasing a used car. Carfax report is just the first step of shopping a used car. Besides that, multi-point inspections and test drive are also needed. Now, the question is: How to bring more transparency and reliability in the vehicle history report? VINChain provides an interesting solution to overcome the problems in the trade of the used cars. How? It will be creating a decentralized database using the blockchain technology for storing the vehicle histories. VINChain will gather information from insurance companies, car registries, etc. Initially, the company is planning to develop the web-based and mobile app only for the US. Besides the vehicle history, the VINChain app will also provide tips to improve the driving by observing your driving style. It will also help to find your car in a large parking lot within few seconds.

Check out https://vinchain.io/files/VinChainWhitePaper.pdf to read about the other interesting features of the VINChain platform.

The heart of the VINChain platform is VINChain tokens, which are special utility tokens based on ERC20 standard. What is the use of VINChain tokens? These tokens are used by the buyers to access the history report of the vehicle. Users can also earn tokens for sharing their car data with the VINChain platform. Kindly visit https://vinchain.io/ to read more information about VINChain tokens.