After a year’s hard work, VINchain has accomplished a prototype of its blockchain-based system, inviting users to test the Alpha version on vinchain.io.
The VINchain project, directed at the auto repairs industry, now allows users to find securely stored information from the blockchain. Everyone can enter the VIN number of a car, and find all available information.
But the full product of VINchain would include partners and exclusive contracts, so that users of the system may find relevant information on repair shops, or other valuable information, directly on the blockchain. VINchain is the only project offering to build up a store of information on cars. Our achievement would be a complete, tamper-proof car history, stored on the distributed ledger.
“Information is captured from country registries, insurance and leasing companies, different partnered services, private registers, paid APIs, and certified members. Information is also captured directly from the vehicle, so the data is live and updated in real time,” explained the product’s founders.
Once information on a vehicle is encoded on the blockchain, all tampering would be evident, whether odometer changes, or service history. With the work already done on the project, in May more developments with partners and new data are expected. While initially sources of information would be official databases, in the future, users would be able to add data.
To make it all possible, the VINchain token was created as a pure utility coin, for participating in the system with the required network fees.
VINchain solves a real-world problem with asymmetric information. Both buyers and sellers of used vehicles can benefit from the greater transparency, ensuring credibility, and the best possible price. All of this would be made possible by the VINchain team, who is not only offering robust blockchain solutions, but also experience and understanding of the automotive sector.
The VINchain ICO is ongoing, having already gathered more than 1,800 ETH toward its goal. Potential backers may talk to the team, through the Telegram chat or through social media, Facebook or Twitter.