Friday, 30 March 2018

Vinchain - Used Vehicle Information Platform Decentralized

Vinchain - Used Vehicle Information Platform Decentralized

Every day, hundred of thousands of used cars are sold around the world, and each buyer wants reliable information about the technical condition of the car. When selling a car, the seller typically knows significantly more about the vehicle than the buyer. This is a problem for the buyer as it opens them up to potential fraud. To hedge against the risk of buying a so-called ‘bad’ car, they reduce the price they’re willing to pay for the vehicle. This could lead to the entire used car market to disappear. besides that, the buyer of the car risks their own safety and financial loss. Unfortunately, there is no single database of vehicles. Though there are commercial databases, they do not solve this problem as their information is stored centrally and there is a risk of inaccuracy.

ANOTHER PROBLEM IN THE USED CAR INDUSTRY

  • The automobile market is subject to change for commercial purpose
  • There is currently no continuous, centralized update of even registered car
  • Asymmetrical information in the used car market
  • Bank, insurance, and leasing company fraud
  • Information is not verified by the data provider
  • Has no continuous periodic update
  • Lack of consumer trust in the used car industry
  • No single database of vehicles
  • Uncertain quality

The Vinchain project can fills this need and solves the problem of asymmetrical information in the used car market. Vinchain is the world’s first decentralized international automotive data marketplace. With this blockchain-based vehicle history tracker, the company aims to change the global market of salvage cars. Its primary aim is to make available a complete vehicle history by keeping a record of the information relating to each vehicle. Participants who connect to the network can purchase car history reports using fiat or VIN token.

Vinchain will creating a worldwide decentralized database of vehicle information that is 100% transparent, reliable, and accessible by everyone. This database is blockchain based, which will guarantee that the information in it has not been faked, changed, or deleted. The blockchain guarantees full transparency and builds trust in the system. Information is captured from country registries, insurance and leasing company, different partnered services, private registers, paid APIs, and certified members. Information is also captured directly from the vehicle, so the data is live and updated in real time. Vinchain platform is an open system and anyone can join and benefit from network. VinChain will provide you with 100% reliable and accurate information about the car you’re going to buy, so you can be absolutely sure that it’s safe to drive.

Unlike traditional vehicle history options, Vinchain will be possible for certified mechanics and other participants in the chain of control to submit car information that would previously have been overlooked due to lack of insurance reporting. As more information providers are verified, Vinchain will allow for more widely crowd sourced information on vehicle history.

HOW DOES VINCHAIN SOLVE THE PROBLEM

Vinchain solves the problem of asymmetrical information in the used vehicle market by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository with a blockchain database that records all information pertaining to vehicles. For each vehicle, the information accumulates during the entire period of use. This history is transparent and accessible to everyone. Accuracy of vehicle information is safeguarded by use of trustless distributed storage. This guarantees absolute reliability and security of data. Every day hundreds of thousands of used cars are sold in the world, and each buyer wants to get reliable information about the technical condition of the car. This is an important security, financial, and safety issue.

HOW DOES VINCHAIN WORK

Vinchain - Used Vehicle Information Platform Decentralized

Each car will be issued a blockchain passport. Vinchain will unite all data providers and create a continuous history of the car, devoid of the disadvantages of centralized databases. When requested by a market participant, the information corresponding to the requested Vehicle Identification Number (VIN) number will be searched and selected in the blockchain. Each record will have information about data provider, date, VIN and the use of the car. An end user will pay VinCoin in exchange for all information related to a vin number that is currently being stored on-chain.

For a user wishing to retrieve information from the Vinchain system the transactional costs will always be VIN Token. Market volatility should be linked to the fluctuation of car history data and not speculation. Over time, as more information providers are verified, VinChain will allow for more widely crowd sourced information on car history. Each blockchain request is paid in VIN tokens, each report contains data about the car from various suppliers and each vendor whose data was used in the report receives payment tokens. Vinchain receives a percentage as commission from each request made on the blockchain.

The Vinchain blockchain solution helps in protecting the car data from being compromised, and adds an extra layer of trust between the sellers and buyers. While many countries do not allow the odometer reading to be changed, encrypting it on the Graphene blockchain guarantees its superior immunity. The Vinchain application also helps in collecting information from live driving so that you can collect information about your existing vehicle and reap the benefits. You can do via the app and by installing a piece of telematics hardware on your vehicle. This way, your vehicle will always remain connected to the Vinchain system. The key data it will collect includes:

  • Behavioral data: The Vinchain app accumulates a certain type of data so that drivers can understand individual driving and even learn ways to save money.
  • Diagnostic data: The Vinchain device acquaints drivers with the existing performance and health of the vehicle. The system also alerts the driver when the car is not safe to drive.
  • Contextual data: The Vinchain app also accumulates diagnostic and behavioral data with third party contextual sources to give a fully-fledged picture

VINCHAIN TOKEN SALE

  • ICO Start: 1 February 2018 14:00 UTC
  • ICO Ends: 15 April 2018 14:00 UTC
  • Token Distribution Date: 17 April - 29 April 2018
  • Token Supply: 1’000’000’000 VIN
  • For Sale: 600’000’000 VIN
  • Token Price: 1 ETH - 20’000 vin
  • Accepted Currency: ETH, BTC, LTC, DASH
  • Minimum goal: 3 300 ETH
  • Maximum goal: 23 250 ETH

JOIN WITH US


Credit Linkhttps://bitcointalk.org/index.php?action=profile;u=1981596
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