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March 28, 2018, 12:39:53 PM |
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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 life cycle repository. 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. Information about the vehicle is accumulated in the databases of all system participants(manufacturers, insurance companies, service stations, banks and leasing companies, dealers, etc.) during the entire period of its use. 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.
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