Last year, I bought a car. It seemed all shiny on the outside, and even when the hood was popped, everything was glittering, just as any wise person should, I did my due diligence by carrying out a background check and everything seemed fine, nevertheless, the background check was not fully updated, and did not really have all the information about the recent events that could have occurred with the seller.
Just as expected, I began to notice the major faults with the car about 2 months after I had purchased it. I began to find straws holding wires in place, and loose bolts used to temporarily hold down metals. The seller had carried out various temporary modifications which he did not reveal during the time of purchase, but I was lucky these didn’t cost so much to fix.
I’m not the only one who has been in a similar situation. Truth is, majority of used cars that are sold after being used are what we often call lemons.
If you’ve purchased a fairly used car before, you will agree with me that it’s completely difficult to tell which cars are good, and which ones are bad. Irrespective of how honest the seller seems, and the story he tells behind every scratch, every buyer will still be unsure of the best amount to offer for the used car, in order to also save some cash for the possible risks and fixes that may need to be sorted in the future.
One major issue with this ecosystem is that although the sellers may be selling bad cars at very high costs, good cars will also be sold for lesser value because the buyer is completely unsure that he is getting a good deal.
A continuum of such will further affect the trust ratings of the car market, thus causing a downturn spiral in the used cars industry.
What can we do about this?
According to recent research, a 21st century brainchild innovation, VINchain, seems to be the best solution for an industry filled with such uncertainty. According to data gathered by major stakeholders in the market, it is important for buyers to have unlimited access to very reliable and well secure data about the vehicles they are about to purchase.
To solve this problem, VINchain is leveraging on the power of a decentralized blockchain technology, to create an accessible database which will hold updated records with relevant information about vehicles.
According to the VINchain team, every vehicle will have it’s own blockchain passport which will be stored in a registry. More so, VINChain will easily produce reports that will give in-depth details about the vehicles which a buyer is about to purchase.
VINchain will associate the VIN (vehicle identification number) and the vehicle’s blockchain passport, and consequently place the data in the VINchain blockchain system.
With the time it takes you to read this post, an average of one thousand cars have been sold, or are about to be sold, all around the world. Of all these transactions, only a handful of persons are sure about the status of the cars they are purchasing.
How Will VINchain Work?
A user will put in a request to get data related to a certain vehicle
The VINchain database will be scanned for relevant data about the vehicle that is being inquired about.
Information is extracted from the VINchain database and laid out in an easily comprehensible and structured form.
Members of the relevant registry community will receive a fee for their help in providing the vital information about the vehicle.
The VINchain platform is designed to be highly responsive, and in the course of the development stage, a mobile application will be created in order to keep the information at the fingertips of the dealers.
According to their whitepaper, A total of 1 Billion tokens will be available to aid smooth, timely and secure transactions on the VINchain platform. 600 Million of these tokens will be distributed amongst the ICO members while another 250 Million will be reserved for the founders, and other important VINchain team.
As at my last check, the ICO for VINchain tokens is already on and will continue till the 15th of April 2018.
You better not be left out of this opportunity. If you want to get more information about this opportunity, then check out any of the links below:
Bounty Thread: https://bitcointalk.org/index.php?topic=2349188.0
ANN Thread: https://bitcointalk.org/index.php?topic=2349186.0.all
This content was authored by bitcointalk member: vocalwalls
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