The issue was raised and discussed by Nobel prize-winning economist George Akerlof in his 1970 work,"The lemon market: uncertainty of quality and the market mechanism". The paper describes how the mechanics of markets are characterized by the knowledge of one party (sellers) about the product rather than the other party (buyers). This is also known as "markets with asymmetric information".
The case of the second-hand vehicle market is one example. When it comes to selling a car, the dealer usually has a deeper knowledge of the vehicle than the buyer. This is a problem for the buyer, as it allows him to commit possible fraud. As coverage against the risks of buying a so-called "bad"car, they reduce the budget available to pay for the vehicle. This can lead to the disappearance of the whole used car market.
Here's how it happens:
The buyer cannot fully differentiate a good car from a bad one, so it reduces the investment he is willing to pay for the car to counteract possible unknown risks. This reduces the average price of the vehicle.
This results in "good" vehicles at a better price leaving the market, which will deteriorate the overall good quality of the second-hand products market.
The result is an additional reduction in the price of available vehicles. As a result, medium quality vehicles are taken off the market.
If the process continues, car availability will continue to deteriorate until buyers withdraw from the market. This is due to the feeling that used vehicles are of poor quality.
In this way, this will lead to the complete disappearance of the market and can only be eliminated with the introduction of more balanced information. This is the nature of the markets presenting disproportionate information.
Major problems in the automobile sector
- You can falsify all sorts of information about a vehicle - things like odometer mileage, accident history, how many car owners the car had, usage history, and other important information.
- In the event that you are buying a vehicle, you may lose a lot of money because you don't know if the vehicle has an unknown problem.
- The seller earns less because the buyer cannot know for sure the true condition of the car.
- Existing databases remain closed and information is not shared with others.
- This information is expired, cannot be trusted and is not updated frequently.
The solution: VINchain
VINchain is a decentralised database that stores all the relevant vehicle information. Each vehicle is issued a passport of the locking chain which will be stored in a distributed register. VINchain can also produce reports that buyers, sellers and market participants can request immediately.
The database is based on the chain of locks, which will ensure that the information contained therein has not been falsified, modified or deleted. The block chain is a guarantee of total transparency and generates great confidence in the system.
This information is collected from national registries, insurance and rental companies, various associated services, private registries, paid APIs and certified users. The information is obtained in real time from the vehicle, so the details are updated in real time.
It is an open system platform and we can all come together and take advantage of our network. VinChain will give you 100% accurate and reliable information about the car you are buying, so you can be absolutely convinced that it is safe to drive!
The operation of the VINchain is shown below:
- A request for data is received
- The entire string is searched for important data.
- The creation and provision of reports is done in a structured way.
- Members of the competent registry shall be paid a fee for providing information.
Business Model
The interaction between data providers and users:
- Determination of vendor specifications is based on classification by category
- All block chain requests are paid for by VIN tokens.
- All reports show car data from multiple suppliers
- Each distributor whose data has been used in the report receives the service fee amount in VIN tokens.
- VINchain is responsible for obtaining a commission for each application.
VinChain Application
The VinChain application makes the best possible use of your vehicle with in-depth analysis, behavioral analysis and diagnosis so you can drive it with confidence!
- Keep in touch with your vehicle
- Drive with confidence
- Telematics Tools
- Diagnostic Information
- Performance Behavioral Data Performance
- Open API
Easy to use installation and commissioning
Vinchain is realizing a new system with the ease of administration of each vehicle, customized to your company's requirements.
Route Map:
February 2017: Concept development
The founders study the ability of block chain technologies to collect and store information; the first prototypes of concepts are developed.
October 2017: White Paper and approval of the project concept.
A technical report is published and community comments are collected. Development of concepts and workflow diagrams based on the collected data.
November 23,2017: Tokens pre-sale begins
December 1 to December 24,2017: VINchain pre-ICO
The VINchain Pre-ICO will take place from 1 to 24 December 2017.
January 2018 - April 2018: MVP Development
Creation of the first working model (MVP), following the concepts and technical specifications outlined.
January 2018: Alpha version of the VINchain report
We will be working on the alpha version of the VINchain vehicle report so that you can see how the reports look just before the start of our ICO.
We will be making partnership agreements with distributors, insurance companies, banks and manufacturers.
February 2018: Alpha version of VINchain app
We will work on the development of the alpha version of the VINchain mobile application for car owners. It will give car owners the opportunity to win VINchain chips and unlock new possibilities to interact with their vehicle remotely.
February 1 to April 15,2018: VINchain ICO
Start of the VINchain ICO chain. In 6 to 16 weeks, the VIN cards will be listed in the exchanges.
March 2018: MVP testing, development of the VINchain locking chain
Launch of product tests.
April 16-23,2018: distribution of cards
Once the ICO is complete, the procedure sheets will be issued to the purchasers of the sheets.
May 2018: Alpha version of the VINchain chain
June 2018: Beta version of the VINchain, VINchain API, VINchain app and the VINchain report.
You can test our improved systems first-hand.
Despite the amount of money raised, we will focus on the distribution of the system and its establishment in the United States. If our ICO is successful, we will work simultaneously in the European and CIS markets.
4th quarter of 2018: Europe-wide dissemination
In the case of a successful ICO, we will simultaneously work on dissemination in the European and CIS markets. In the case of a failed ICO, we will continue to disseminate our project throughout Europe, but only after we generate initial revenue.
January 2019: VINchain big data analytics for companies
We will analyse all the large data collected for business use.
January 2019: Continue development in all directions!
We will be working on the development of all our projects and providing system updates.
The team.
- Alex Miles - CEO
- Andrei Krainik - Founder, Chief innovation officer
- Aleksey Listopad - CMO
- Jurgis S Plikaitis - Strategic Partnerships
- Antonina Binetskaya - CTO
- Pavel Yeschenko - Blockchain Developer
- Michael Zhalevich - Blockchain developer
- Alexandr Onyskiv - Software & Blockchain Engineer
- Konstantine Perzhukou - Software Development Advisor
- Vladislav Vasilchyk - System Analyst
- Eugene Koval - Software Development Advisor
- Ivan Usovich - System Administrator Back-end Developer
- Sеrgеi Pаkhоmоv - Full Stack Developer
- Stacy Denver - ead of Sales, Bitcoin Advocate
- Sergei Shostyr - UI/UX Specialist, Front End Designer
- Anastasiya Kazakova - Customer support
Links of Interest
| Platform | Links |
|---|---|
| Web Site | https://vinchain.io/en |
| https://twitter.com/VINChain_io | |
| https://www.facebook.com/vinchainio/ | |
| Telegram | https://t.me/vinchainio |
| Blog | https://vinchain.blogspot.com/ |
| Medium | https://medium.com/@VINChain |
| Whitepaper | https://vinchain.io/files/white_paper.pdf |
| ANN | https://bitcointalk.org/index.php?topic=2349186.0.all |
| Github | https://github.com/VINChain |
By Bitcointalk user: jpirulo
Profile: https://bitcointalk.org/index.php?action=profile;u=1192567
Myetherwallet: 0x4312006E30A82664F5b7EF51B2cE5c864F54cb1f
by Jpirulo