The major challenge faced by car buyers is the fact that the sellers have more information about the car than the buyers. This opens up the buyer to being potentially scammed. Sometime last year my cousin saw a car online and with the qualities that the seller attached to the picture of the car he quickly ordered for the car. I think he paid 26000 USD for the car, yeah that was the exact amount he paid for the car. Guess what!! When the car finally arrived, we found out that the seller did not dish out all the information regarding the condition of the car. The car was in a terrible condition, my cousin was scammed!! Due to experiences of this nature, buyers now lower the amount of cash they are willing to pay for a car in order to compensate for unforeseen risks and this is not also good for the seller. The perceptions of car buyers due to the behavior of sellers have the ability to make the car market go into extinction.
The world needs a platform that can bring transparency in the vehicle market, a platform where market participants can have access to reliable, transparent and secure historic operational vehicle data where all the information about the car will not only be known to the seller but also the buyer. This will help in restoring trust to the vehicle market. To be frank with you the VINCHAIN platform solve this problem once and for all. Let’s look at what VINCHAIN is all about and how they plan to solve this problem of asymmetric information.
I discovered from my research that VINCHAIN platform is a decentralized blockchain database that is used to record information about vehicles. On this platform, a blockchain passport will be issued to each registered vehicle which will be stored in a distributed registry. The VINCHAIN platform has been designed in a manner that can make it produce reports which can be ordered by buyers, sellers and other market participants; this will bring about transparency.
VINCHAIN will accumulate information about the vehicle in the database of all system participants including manufacturers, insurance companies, service stations, dealers, banks and leasing companies and many more during the period of the vehicle use. The blockchain passport which will be issued to each registered vehicle will be connected to the vehicle identification number (VIN) and will also be placed in the VINCHAIN blockchain system. All the information on this platform will be transparent and accessible to every registered member. The VINCHAIN platform is integrated with the blockchain technology which is the most secured technology on planet earth and this will make the platform reliable and all data in the platform highly secured.
The VINCHAIN platform will change the global market of used cars through the blockchain technology. It is transparent, reliable and also gives access to information to both the buyers and the sellers
VINCHAIN has token known as VIN which will be used for transactions on the platform. This token is presently on sale. The ICO and token sale will be on till 15th of April. So hurry up to be part of this great project.
For more information on the token sale and ICO please use the links below:
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