Project VinChain solves the problem of asymmetric information in
the used vehicle market by creating a decentralized, unchanged, transparent, secure, and reliable vehicle life cycle repository.
VinChain is a blockchain database that records all information related to the vehicle. For each vehicle, information accumulates during the entire period of use. This history is transparent and easily accessible to everyone. To protect the accuracy of information, distributed storage technology is used. It ensures absolute reliability and datasecurity.
In the future, technology can be tailored to
the adjacent market segments: yachts, construction machinery, real estate.
Change the global market of used cars by making them honest, transparent, reliable and with equal access to information for each participant.
- Create blocks with different levels of access and information protection.
The level of datasecurity should be in accordance with the needs of government agencies.
- Unite participants in the automotive industry, such as
manufacturers, insurance companies, dealers, workshops,
navigation systemdevelopers, into a single ecosystem for the
purposes of dataexchange.
- Create infrastructure and provide direct access to the database for every market participant.
VinChain system operation
When we receive a blockchain request, we search the data throughout the chain and we create and transmit the information in a structured form. The fee for the information is received by the member of the register whose information has been used. Both sellers and second-hand buyers will benefit from removing asymmetric information from the used car market.
When the buyer knows all the information that exists about a particular vehicle, it will create confidence in the process and prepare to pay more. For sellers, publishing the entire vehicle history increases the value of the car at the time of sale. If the buyer knows the vehicle’s operating history in full, he has the assurance that the vehicle is maintaining a certain level of value. The same can not be said about vehicles without reports.
The solution offered by VinChain
For each car we will issue a blockchain passport, which will be stored in a distributed list. The VinChain project will unite all data providers and create a continuing car history, with no lack of a centralized database. Market participants such as car manufacturers, car dealers, insurance companies, banks and leasing companies all need a history of exploitation and they need transparency, affordability, reliability and authenticity. Buyers who currently choose a car can also order our report immediately
Benefits of using VinChain blockchain technology:
- Blockchain can store information about vehicle maintenance
- Opportunity to adjust accesslevels for different users
- Absolute reliability
- A transparent reward system for data suppliers
- Opportunity to work directly with every market participant
- Resistance to networkattacks
The supplierdata evaluation is based on the ranking scale. Each blockchain request is a paid token. Each report contains data about the car from multiple suppliers. Each vendor that the data used in the report receives a paymenttoken. VinChain receives a commission from each request.
- Pre-saletokens for early investors
- Pre-sales: December, 1–24 12,000,000 tokens will be available for placement with a sales ban of 3 months after the ICO expires.
- Emissions and salestokens in ICO.
- ICO will be held from March 22 to April 15, 2017.
- Payment methods available for VinChain tokens:
● Bitcoin (BTC)
● Ethereal (ETH)
● Riple (XRP)
● Litecoin (LTC)
● Wave (WAVES)
● USD, EUR, GBP
- Available for placement: 600.000.000 token.
- Token will be distributed among buyers within 72 hours after the completion of ICO.
- Maximum investment amount: $ 34,500,000.
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