Vinchain — A long awaited solution!

The problem

One of the biggest problems that needed to be addressed for a long time is car fraud. All over the world, people are buying or selling a used car privately. and is usually seen a straightforward business, but they usually skip a thorough due-diligence which will lead to later issues and problems. There are thousands of salvaged vehicles bought every day that are rebuilt and sold to unsuspecting buyers who believe they are getting a great deal on a newer model vehicle. When we go out to shop for a new car, our thoughts are probably focused on what color we want get and how much you’ll pay. The last thing on your mind is getting scammed. Everyone who is on the market for buy a second had car, needs to address some pertinent and important question to the seller or auto dealer like: has the car been involved in an accident before? What is the history of the car? Audio dealers or private sellers will try to manipulate the buyer and offer meaningless assurances just to close the deal. Usually you can only confirm those assurances by ordering a car report, from specialized companies which can be either time consuming and also expensive. At the present, shockingly there is no single transparent tamper proof database of vehicles. We might stumble upon commercial databases, but they might be inaccurate and hardly accessible, so every time we buy a used car we might risk financial loss or much seriously our own safety.

The lack of a central database and transparent available reports on cars is threatening the entire used cars market. Both parties are affected both the sellers and the buyers as there is a growing bias in every buyer thinking that all second hard cars have one fault or the other hence paying less to sellers and putting them at a loss.

The solution

With the help of blockchain technology Vinchain is creating a worldwide blockchain database of used vehicle information that is 100% transparent, reliable, and accessible by everyone changing the entire global market of used cars by making it honest and reliable based on equal access to information for each participant. Indubitably this will help auto shoppers to make better purchase decisions when buying cars as the Vinchain’s report will provide detailed information about a vehicle’s past and can help uncover hidden negative history.

Project Objectives

1. Create a block with different levels of access and information protection. Data security level should correspond to the needs of government agencies.

2. Unite the participants in the automotive industry, such asmanufacturers, insurance companies, dealers, service stations,developers of navigation systems, into a single ecosystem for data,exchange purposes.

3. Create an infrastructure and provide direct access to the database for each market participant.

How It Works

• When requested, the information corresponding to the requested VIN
• number will be searched and selected in the blockchain.
• Each record will have information about data provider, date, VIN and the use of the car.

Roadmap

• February 2017: Concept development ,
• The founders are studying the blockchain technology’s ability to collect and store information; first prototypes are developed.
• October 2017: White paper and project concept approval
• White paper issue, collecting feedback from the community, concept and work flow chart development based on the collected data
• November 23, 2017: tokens pre-sale to early-stage investors
• December 1 to December 24, 2017: VinChain pre-ICO. Pre-ICO
• VinChain will be held from December 1 to December 24, 2017 until the required amount is collected.
• March 2018: MVP testing
• Product testing launched
• Since March 22 to April 15, 2018: ICO VinChain, ICO launch. The key objective during this period is to sell tokens
• qualitatively and without a hitch.
• April 16, 2018: tokens sale
• Once ICO ends, the procedure tokens will be issued to investors
• April 20, 2018: product development and optimization, release of new versions
• 4th quarter 2018: work finalization on VinChain project.

Different major countries started to make steps towards creating a regulatory framework that will regulate the second hand car market. For example from the 22 of May 2018 European Parliament will draft a law that will re quire mandatory odometer reading whenever a car is bought or sold. In the US market some states also prohibit selling cars without a transparent report on its history. Most certainly these regulatory guidelines will be further improved and adopted making Vinchain a main player in providing a key service, driving the valuation of their token up. Different clients will be able to buy their report with both fiat and tokens. If the cheapest price of a report right now is $9, if you will pay in tokens you will pay 25 tokens per record which will be $1.50. There are many tokens out there, but the Vinchain token has a proven utility solving a real life problem, that you can face tomorrow when you are in the market for a new car. Join their token sale at https://vinchain.io/en

For more information about the project, and the experienced team behind it check:

• Website: https://vinchain.io/en
• Facebook: https://facebook.com/vinchainio/
• Twitter: https://mobile.twitter.com/VinChain_io
• Telegram: https://t.me/vinchainio