About VinChain ICO
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.
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 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 th