VINchain – Decentralized Vehicle History

joniwen (25)in #blockchain • 7 years ago (edited)

VINchain is a decentralized blockchain database that records all relevant information pertaining to vehicles. For each vehicle, a blockchain passport is issued which will be stored in a distributed registry. VINchain is also capable of producing reports that can be ordered immediately by buyers, sellers, and other market participants. With VINchain, No more fake data, financial fraud, and safety issues. Hence, VinChain project is a database in which the history of the operation of cars is stored. For each car, the information accumulates during the entire period of use. The history of operation is transparent and accessible to everyone.

The blockchain-passport of the vehicle is connected to the vehicle identification number (VIN) and placed in the VINchain blockchain system. This information is transparent and accessible to everyone with access to the system. To protect the accuracy of information, the blockchain technology and data hashing through the SHA-256 cryptographic algorithm (sha 2 family) is used. This guarantees reliability and security of data.
A survey conducted among market participants indicated a need for access to reliable, secure, and transparent historic operational vehicle data. The VINchain project fills this need and solves the problem of asymmetrical information in the used car market by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.

Currently, the pre-owned automobile industry works on the basis of trust. However, after this platform is solved it would be very easy for the prospective buyers to check the vehicle history. This would again unable most of the buyers to correctly price the vehicle as well. This would also help them save a lot of money when it comes to evaluating the value of the vehicle’s which they are buying.

Project Objectives

Create a block with different levels of access and information protection. Data security access level should meet the needs of government agencies.
Unite participants in the automotive industry, such as manufacturers, insurance companies, dealers, service stations, and developers of navigation systems into a single ecosystem for data exchange purposes.
Create an infrastructure and provide direct access to the database for each market participant.

The Idea and Solution
VinChain is creating a worldwide decentralized database of vehicle information that is 100% transparent, reliable, and accessible by everyone. This database is blockchain based, which will guarantee that the information in it has not been faked, changed, or deleted. The blockchain guarantees full transparency and builds trust in the system.

Information is captured from country registries, insurance and leasing companies, different partnered services, private registers, paid APIs, and certified members. Information is also captured directly from the vehicle, so the data is live and updated in real time.

Our platform is an open system and anyone can join and benefit from our network. VinChain will provide you with 100% reliable and accurate information about the car you’re going to buy, so you can be absolutely sure that it’s safe to drive!

VinChain ICO Details:
Date of ICO : 01-02-2018 until 15-04-2018
Platform : Ethereum
Token symbol : VIN
Current period : Stage IV of VII
Price : 1 ETH = 20 000 + stage bonus 15%
Soft cap : 3,300 ETH
Hard cap : 23,250 ETH
Accepted currencies : ETH, BTC, LTC, DASH

Team