VINchain- a revolutionary decentralised vehicle database

When a person wants to buy something on a secondary market, there appears a phenomenon which is called “asymmetric information”. It means that a seller has much more information about what he sells then a buyer. Most of such cases take place when dealing with used cars.

Buyers are usually afraid of fraud and untrustful, and in order to minify the risk of buying a potentially bad car, they offer lower prices for cars, in order to cover future expenses.

Such a situation may end in total reduction of used car market, because reducing the average vehicle price will make a large price gap between “good” and “medium” quality vehicles. Thus the price of “good” cars becomes unreasonably high and they leave the market. The sellers will have to reduce prices again and “medium” quality cars will be pushed out of the market. This is a simplified model of the whole destruction of used car market, which is pretty possible to become real unless any regulations are applied to the market.
The whole issue of price regulation is about delivering symmetrical information to both the seller and the buyer.
VINchain is a revolutionary decentralised blockchain database that records all the lifecycle of every vehicle within the system. For each car there is a blockchain passport containing all the information about it. Buyers, sellers or intermediaries can order a report about a particular vehicle and they are granted to receive it immediately. All the information about cars will be connected to the vehicle identification number (VIN) and placed in VINchain blockchain system.

There exist a number of commercial centralised vehicle databases, although they don’t seem to be the solution as there is still a risk of inaccuracy. These commercial databases do not exchange information with open-source ones, so the buyer cannot be 100% guaranteed from financial loss.
The reliability of any piece of information, provided by VINchain, will be audited and confirmed by international consulting agencies.
The mechanics of the VINchain system work as follows:
-A request for data is received

-The entire chain is searched for relevant data

-Reports are created and provided in a structured form

-Members of the relevant registry receives a fee for providing information.

This is how buyers will be guaranteed from any sort of fraud and the sellers won’t have to reduce the vehicles’ price reasonably.
In future this technology can be developed to work with real estate or yachts, or industrial machinery.
On the market VINchain will be represented as a website and as a mobile application. Having entered a car’s VIN number, a registered user will have access to the entire information about it. The buyer will be given a short report, then, if the buyer is satisfied with the short one, he or she may proceed to buying the full report.
The logics of VINchain is clear and simple, but it still has no decentralized analogues.
To find out more about this fascinating project, you may visit their official website:
https://vinchain.io/en
and read the white paper:
https://vinchain.io/files/white_paper.pdf
stay tuned at social media:
https://twitter.com/VINChain_io
https://www.facebook.com/vinchainio/
https://t.me/vinchainio
and follow the recent news on Medium:
https://medium.com/@VINChain
my Bitcointalk profile:
https://bitcointalk.org/index.php?action=profile;u=1433110
Thank you for your attention!