VinChain - Decentralize Marketplace For Automotive Data Supported Blockchain Technology For True Vehicle History

Introduction

In any marketplace or market it is always consisting of buyers, sellers and products traded, and the price of the product traded depends on its quality, and what if a buyer does not know how the quality of the product wants to buy ?. This will make trading difficult and the price also lower due to lack of trust from buyers, as well as in buying and selling used vehicles, the buyer must know how the history and technical condition of the vehicle you want to buy and know significantly more about the vehicle it is also to prevent fraudulent actions associated with the vehicle. And with the data history of the vehicle then the buyer can get the price accordingly.But so far there have been some problems from the database of used vehicles because they are stored in a centralized system where the truth of this data may be invalid or the truth of the information can not be fully believed, and some errors of information in the database. And this causes car / vehicle buyers to risk their money by buying a car without knowing and getting adequate and correct information on the car. Seeing these shortcomings and problems, a start ups called VinChain have an interesting project, using Blockchain technology the used vehicle database can be decentralized so that all information from the car's history becomes transparent. So this makes the buyer feel confident to buy the car, and the seller gets a reasonable price.


What is VinChain? 

VinChain is a martketplace for global decentralized automotive data that provides solutions and transparency about the history of a vehicle. Degan using Blockchain VinChain technology provides a centralized, autonomous database for transparent, secure and reliable. Using a Blockchain-based database we can record all information related to the vehicle and for each vehicle, the information accumulates during the entire period of use. The history of this vehicle is transparent and easily accessible to everyone.

Accuracy of vehicle information is maintained using distributed storage and this ensures data security. In this world at least hundreds of thousands of used cars in perjual traded every day and buyers of course want complete and reliable information from the technical condition of the car. And with the VinChain then the car buyers get the transparency, and high security, as well as get the price in accordance with the condition of the car technique.

Major problems in the used car industry

• The automobile market is subject to change for commercial purposes.
• There is currently no continuous, centralized update of even registered cars.
• 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.

Solutions

Some of the key solutions VinChain offers to its users are as follows:

1. It creates a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.
2. It provides complete transparency on the vehicle’s history.
3. It records all information relating to vehicles.
4. It uses distributed storage technology to protect the accuracy of the information.
5. It guarantees absolute reliability and security of data.
6. The entire accumulated data is live and updated in real time.

Thus, VinChain primarily offers solutions in three different forms:

• The hardware.
• The software.
• The blockchain.

VinChain hardware solution helps in collecting the car data from under the hood and passes it to the app to be visualized and stored on the blockchain.
The VinChain software solution:

1. Allows for requests for the accurate car history from several databases and the car itself.
2. It makes available an interface that helps in communicating with the vehicle.
3. Its app comes with an internal currency, named VIN token, which makes in-app purchases possible.

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.

How does VinChain work?

VinChain creates a utility token that is called a VIN token that gives access to get all the benefits and products from VinChain. VinChain also has a mobile app that is made for dealers, insurance companies and manufacturers. How Vinchain works is when a buyer wants to buy a car, he / she must first register at the provider's website or in mobile App and then the registration is approved then the buyer is allowed to check the vehicle, and then the service provider can check the availability of data in all database service providers and give information about the vehicle to the buyer. And any request information into the blockchain database must pay with a VIN digital token. The VinChain project brings together all data providers and provides users with a complete and uninterrupted vehicle record.

 Consumers can also significantly increase the value of their vehicles at the time of their car sales by contributing to data storage on blockchain with the help of vehicle tracking devices. VinChain is a decentralized network that allows us to store VIN data on blockchain, which ensures the data in its possession is complete and transparent data. We may pay for requests into blockchain with VinChain tokens, and these tokens are distributed among the information providers depending on the value of information provided to the community.

VinChain benefits all of its participants in the following ways: 

1. Savings on insurance policies: It allows users to save up to 30 % on their quotes for car insurance and they can even make payment for their insurance while driving.
2. Get the best deals: It allows users to get the best available offers for car maintenance, and discounts on services. It also helps find a car on a huge parking lot in case you forget where you parked it!
3. Collect statistics: It helps you in monitoring your driving style, driving efficiency on the road, and on how to get bigger discount offers on insurance premiums.
4. Get paid for your data: It also allows you to add data to the platform and earn rewards that you can use to pay for services or earn extra discount offers from participating companies.

A hardware and crypto solution

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:

1. 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.
2. 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.
3. Contextual data: The VinChain app also accumulates diagnostic and behavioral data with third party contextual sources to give a fully-fledged picture in all probable situations. This could include driving and weather conditions.

The purpose of the project

• Create blocks with different levels of access and information protection.

• The level of data security should be in accordance with the needs of government agencies.

• Unite participants in the automotive industry, such as manufacturers, insurance companies, dealers, workshops, navigation system developers, into a single ecosystem for the purposes of data exchange.

• Create infrastructure and provide direct access to the database for every market participant.

 ICO Details VinChain

Currently ICO VinChain is ongoing and they are successful in making money with missed soft cap target, for VIN tokens price during token sale is 1 ETH = 20,000 Token with 25% current bonus, and this token belongs to ERC 20. To purchase this VIN token done by selecting payment method BTC, ETH, DASH, LTC. And if you already have a personal wallet Ethereum as well as MyEtherWallet then you can directly buy VIN token by directly sending it from MyEtherWallet to VinChain smart wall contracts listed on the website.

VinChain roadmap

1. Through its ongoing VIN ICO token sale, VINChain was able to make USD1.5 million at the existing price of 1670 ETH, within just 24 hours.
2. The company has decided to hold the ICO in 7 stages; each stage relates to a certain amount of ETH.
3. Once the company succeeds in achieving that amount, only then it will start its next ICO stage.
4. It is similar to a race wherein the sooner you invest in the project, the more VIN tokens you will be able to earn for 1 ETH.

 The Team




 Conclusion

The lack of transparency of historical information data from used vehicles that are kept in a centralized manner creates the possibility of fraudulent actions, and this creates a lack of buyer confidence in vehicle purchases and raises some other problems for consumers as well as business / dealer companies. Due to the lack of information from the history of the vehicle not only makes the buyer have doubts but also causes the value of the vehicle to be decreased. So with the existing Blockchain based database on VinChain can solve all these problems, and also provide many benefits for the business and customer and also provide transparency, security, reliability and data that is easy to access. VinChain will also become an automotive data exchange ecosystem that provides mutual benefits to manufacturers, insurance companies, dealers, workshops, developers of navigation systems and customers.

 More Information
  
Website   : https://vinchain.io/

Whitepaper :https://vinchain.io/files/VinChainWhitePaper.pdf

Facebook : https://www.facebook.com/vinchainio/

Twitter : https://twitter.com/VINChain_io

Telegram : https://t.me/vinchainio

By Chusnul

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