VinChain is a blockchain database that records all information pertaining to
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PRE ICO Dates : 01/12/17 – 24/12/17
About Vinchain ICO (token sale)
Project VinChain solves the problem of asymmetrical information in the used vehicle market by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.
VinChain is 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.
To protect accuracy of the information, the technology of distributed storage is used. 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.
Unfortunately there is no single database of cars. There are commercial bases, but they do not solve this problem. Their information is stored centrally and there is a risk of it being incorrect. Commercial bases are closed and do not exchange information among themselves. As a result, the buyer of the car risks their own safety and losing money.
VinChain solves this problem with the help of blockchain technology. For each car, we will issue a blockchain-passport, which will be stored in a distributed registry. Information about the car is accumulated in the databases of all participants in the system (car manufacturers, insurance companies, service stations, banks and leasing companies, dealers, etc.) during the entire period of its use. The VinChain project unites all data providers and creates a continuous history of the car, free of distrust to information from centralized databases, and guarantees data unchanged during the entire storage period by means of blockchain technology and data hashing using SHA-256 cryptographic algorithm (sha 2 family) * The blockchain-passport of the car connected to the vin-code, placed in the VinChain blockchain system, at any time is available to any user and service provider who has access to the system.
Also, the VinChain project plans to attract international consulting agencies to the system audit, which will give an opinion and a detailed report on that the vinchain service really provides reliable information. We conducted a survey among market participants: car manufacturers, car dealers, insurance companies, banks, leasing companies – they all need a history of operation. It should be transparent and accessible, as well as secured and reliable.
The VinChain project will unite all data providers and create a continuous history of the car, devoid of the disadvantages of centralized databases. Market participants such as car manufacturers, car dealers, insurance companies, banks, and leasing companies all need a history of exploitation and they need it to be transparent, affordable, reliable, and authentic. Also buyers who are choosing a car right now are able to order our report immediately. The mechanics of the VinChain system are as follows: when we receive a request to the blockchain, we search for the data along the entire chain, and we create and provide the information in a structured form. The fee for the information is received by the members of the registry whose information was used. Both the sellers and the buyers of used vehicles will benefit from the removal of information asymmetry from the used car market. When the buyer knows all of the available information on a given vehicle, that will create trust in the process and will be willing to pay more. For the seller, disclosing the full vehicle history actually increases the value of the car at the time of the sale. If a buyer knows the full operational history of the vehicle, then he/she has a guarantee that the vehicle retains a certain level of value. The same cannot be said about a vehicle with no report. This can be explained with the following example: If a buyer has to choose between two exactly identical vehicles but 7 one has a full operational history report, while the other doesn’t; the buyer will choose the vehicle with the full operational report – even if the report indicates that the vehicle has been damaged in the past and has been repaired. This is so, because a report would guarantee the vehicle’s history . The mechanics of the work is as follows: upon receiving a request from a personal account in blockchain, we start looking for data on the whole chain, prepare and provide information in a structured form. Fee for the report is received by the members of the registry, whose information was used and was not changed during the period of storage in the system.
The VinChain project will tell the truth. Every market participant has the right to know it. In the future, the technology can be scaled to adjacent different segments of the market: yachts, construction machinery, real estate.