A survey was carried out among various participants of the used car market who mentioned the requirement for access to secure, operational, and reliable historical information of vehicles. The platform of VinChain resolves the issue of irregular information in the market of cars by developing a platform that is the secure, immutable, reliable, and decentralized depository of vehicle lifecycle.
VinChain is a decentralized database of Blockchain that saves all the data related to vehicles. In this platform, a Blockchain passport is going to be issued for every vehicle, which is going to be recorded in a distributed registry. Moreover, this platform can also create reports, which can be ordered at any time by the sellers, buyers, and other participants of the market.
Information related to the vehicle gets accumulated in the database of all the members of the system throughout its usage period. The participants of the VinChain system include insurance companies, banks, service stations, dealers, manufacturers, and leasing companies. The vehicle’s passport of the Blockchain is linked to the identification number of the vehicle and is going to be placed in the Blockchain system of VinChain.
Thousands of cars are sold in the world on a daily basis. Every purchaser of the car asks for reliable details regarding the car’s technical condition. All this is necessary for financial usage, security, and safety. Currently, there is not even a single database of cars in the centralized world. There are many databases of commercial nature, but they cannot solve the issue of inaccuracy as they are closed and do not allow an exchange of details because of which the person who purchases the car risks his or her own financial loss and safety.
This project, namely VinChain, aims to attract global agencies of consulting to the audit system, which is going to create an informative report on the reliability of the details provided by VinChain. Both the sellers as well as the buyers of the used vehicles are going to get an advantage by removal of irregular information from the market of cars.
When the purchaser becomes aware of every single detail related to the vehicle, it generates a trust factor in the procedure. Additionally, the purchaser will agree to pay more. It is important for the seller to disclose the complete information about the car to increase its value during the time of sale.
VinChain aims to execute a token to smoothen the procedure of queries related to the car information on the system of Vin Chain. A user will be required to pay a VinChain in order to acquire the information about the VIN number, which is available on Blockchain. The queries of information are created to rely on the token of economics for a successful system of payment.
In order to develop an outstanding system, it is necessary to leverage basic economics. Adoption of a particular system on a large scale is only possible if the end users are able to trust and understand it. In order to get more details about VinChain, please go through this paper.