What Is VINchain (VIN)?
VINchain is a blockchain-based database that records all information about vehicles. The platform aims to create a decentralized marketplace dedicated to car transfers and a database storage ecosystem for a complete vehicle history by keeping a record of the information relating to each vehicle. Consequently, drivers and dealers can trade, manage their vehicle information, and create an infrastructure that provides direct access to the database.
According to its whitepaper, the second-hand car industry faces major problems like bank insurance fraud, leasing company fraud, asymmetric information, no centralized update for registered cars, uncertain quality, etc. Thus, VINchain offers a solution to asymmetric information and other problems by creating a repository of the decentralized, immutable, transparent, secure, and reliable vehicle life cycle.
In addition, the team intends to offer solutions in three different forms:
Hardware solution that helps in collecting the car data from dealers and passes it to the VINchain app to be visualized and stored on the blockchain.
Software solution that accepts requests about the accurate car history from several databases communicates with the vehicle dealers and enables users to make in-app purchases possible with the help of a VIN token.
Blockchain solutions protect the car data by issuing a passport for each vehicle and storing its information in a distributed registry that corresponds to the needs of government agencies.
Further, the platform intends to bring together the participants in the automotive industry, such as manufacturers, insurance companies, dealers, workshops, navigation system developers, etc., and develop a sole ecosystem for data exchange. The platform also plans to produce reports that traders and other market participants can immediately order.
The VINchain Data Marketplace aims to benefit the entire automotive industry by keeping data standards accepted by all in the automotive industry, providing trustworthy, quick, and comfortable data supply, a collective trading process for traders, and stipulating monetizing data tools. In fact, VINchain Data Marketplace is a guiding platform for the data-connected ecosystem that hosts data exchange.
VIN is the utility token used for performing the transaction on the VINchain dApp. VIN tokens serve as a real currency for tools like vehicle history, reports, live driver data tracking, in-app transactions, big data analytics, exploring VINchain BlockExplorer, etc., on the VINchain ecosystem. Besides, the platform compensates all data providers with a VIN token whenever their data is used for dealerships and customers.
History of VINchain (VIN)
VINchain has progressed through the goals set at the launch and completed its Initial Coin Offering (ICO) held from February 1, 2018, to April 15, 2018, with a total supply of 840,108,901 VIN tokens.
