The second-hand car market has always had problems with information being faked. It is a fact that in the current state, every piece of information about a used car can be faked. The odometer mileage, accident history, previous owners, to name a few, can all be manipulated to the benefit of the seller.
The knock-on effect is that the buyer does not know the machine they are buying, this can lead to more in upkeep costs as well as costing them in the sell-on value. If you cannot prove the true condition of your car then you, the value automatically reduces.
The Vinchain solution - Blockchain
Blockchain technology is becoming an ever-increasing force in business, and now it has reached the car industry.
Vinchain are currently in the middle of their ICO and are the company that want to introduce a 100% trustworthy vehicle history by creating a worldwide decentralised database with information of every used car. Benefits of having a ledger secured by the network means that it is 100% transparent, reliable and accessible by anyone and everyone. This is essentially a passport for cars!
Strategic partner at Vinchain, Jurgis Plikaitis, states; "here at Vinchain we have devised a solution that comes in three parts.
First, the hardward solution, which collects car data from under the hood and passes information to the app, this is then sent and stored on the blockchain. Next is the software solution, it requests accurate data from country registries, insurance and leasing companies and multiple other third parties. All building the picture of the car and its history.
Third is the blockchain solution which protects the car data from being compromised, thus increasing reliability and trust within the network. Being able to encrypt the odometer reading on the blockchain will guarantee immunity from false readings.
Vinchain benefits for drivers
For drivers who use the Vinchain app, not only can you assure your cars history but there are plenty of other benefits. With its data record you can save up to 30% on your insurance policy as well as discounts on car services including repairs. Contributing your data means you can earn Vinchain tokens and spend them at Vinchains partner companies.
Alex Miles, CEO, adds "We're connecting cars directly to insurance companies, therefore negotiating better rates for users based on established exploitation trends. Buyers and sellers can feel confident in getting an accurate price for a vehicle, and as a cheery on top, drivers can also make money by selling their data to aggregators."
Follow the project or get involved
Tipped to be one of the top ICOs in 2018 and having raised its pre-sale target in less than two days, the Vinchain ICO began on the 1st of February, and is currently offering a 25% bonus. For more information about how to contribute to this project, go to their official website – https://vinchain.io/.
You can join the Vinchain telegram channel to address any queries you may have. Direct communication with the managing partners is best found here.