Thousands of second-hand cars are sold on a daily basis in every nation across the globe. Every purchaser wishes to get the trustworthy information related to the vehicle that he or she is hoping to buy. This includes all kinds of information, like accidents, usage, maintenance, and other relevant details.
In the existing system, there is no database of cars, which is both accessible to everyday users as well as decentralized. Additionally, these databases are neither trustworthy nor do they guarantee any accuracy. Moreover, databases that are maintained commercially do not even provide an update about the registered cars.
However, the use of the technology of Blockchain can change everything. Both sellers as well as buyers of the used cars and every other person who is associated to the car will receive the benefit of Blockchain. The platform of VinChain aims to provide a solution to solve the issue of asymmetric information in the market of used cars by designing a reliable, immutable, and decentralized repository of vehicle lifecycle.
The details associated with the platform follow the car from the initial stage of its lifecycle. Therefore, nothing is hidden and can be accessed by every user. The developers of Blockchain intended to do 3 things on the VinChain platform.
Firstly, they intend to develop an access block. Moreover, they aim to unite every single participant who belongs to the auto industry, Including insurance companies, service stations, manufacturers, navigation system developers, and every other participant, so that they get connected to one single environment for the purpose of data exchange. The third intention of the developers is to create a decentralized ecosystem. The platform is going to offer easy access to the central database of every participant of the market.
Any user who intends to buy an old car will have to buy the tokens of VinChain initially. After that, they are required to sell the tokens by using the network of VinChain. All the participants on the network are going to receive compensation as part of a token. In the beginning, the token allocation will be connected to the life history events of the car. After the decision is taken by the user regarding the usefulness of the information, dynamic weightage is given to the events through the use of an algorithm.
At the time of development, the team of this platform is going to develop a highly flexible Application Program Interface, a website, and a mobile application, which will authorize insurance companies, manufacturers, and dealers to get connected on the platform and develop an easy to use and completely accessible front as well as backend.
The team of this platform has already received an extremely high rating of Initial Coin Offering bench because of its idea as well as the experience its team has in the auto industry. If you are looking for more information about VinChain, its platform, mobile application, tokens, and the opportunities offered to its various users, then have a look at this paper.