UjungPedang: VinChain - The History of Decentralized Vehicles

VinChain is the world's leading decentralized automotive data market

The problem was captured and described by Nobel Prize-winning economist George Akerlof in his scientific work published "The Market for 'Lemon': Quality Uncertainty and the Market Mechanism" in 1970. He described the market mechanism by which one party (the seller) knew significantly more much about the product than the other party (buyer). This is also known as a "market with asymmetric information".

Used car market is an example. When selling a car, the seller usually knows more about the vehicle than the buyer. This is a problem for the buyer because it opens it for possible fraud. To hedge against the risk of buying a 'bad' car buyers reduce the price they are willing to pay for the vehicle. This could cause the entire used vehicle market to disappear.

Current Issues in Sector

Benefits of using blockchain technology for VinChain:

Blockchain can store information about vehicle maintenance
Opportunity to adjust access levels for different users
Absolute reliability
Transparent Award System for data suppliers
Opportunity to work directly with every market player or Resistance to attack the network

How VinChain Works

Since only the seller is aware of the true condition of the rescue car, it is not easy for the buyer to predict whether the car is really in "good" or "bad" condition.

VinChain is the world's leading decentralized automotive data market. The VinChain team is working to ensure complete transparency of the history of a vehicle.

VinChain system operation

When we receive a blockchain request, we search for data across chains and we create information in a structured form. The fee for the information is received by the member of the register whose information has been used. Both sellers and second-hand buyers will benefit from asymmetric information from the used car market.

When buyers know all the information that exists about a particular vehicle, this will be the secret for more and more processes.

For sellers, publish the entire car upgrades history at the time of sale. If the vehicle is owned by the same amount. The same can not be said about vehicles without reports.

The solution offered by VinChain

For each car we will issue a blockchain passport, which will be stored in a distributed list. The VinChain project will bring together all the growing data providers and car histories, with no lack of a centralized database.

Market participants such as car manufacturers, car dealers, insurance companies, banks and leasing companies all require a history of exploitation and they need transparency, affordability, reliability and authenticity. Buyers who currently choose a car can also order our report immediately.

The purpose of the project

Create blocks with different levels of access and information protection.
The level of data security should be in accordance with the needs of government agencies.
Unite participants in the automotive industry, such as manufacturers, insurance companies, dealers, workshops, navigation system developers, into a single ecosystem for the purposes of data exchange.
Create infrastructure and provide direct access to the database for every market participant.

Business model

Evaluation of supplier data on a ranking scale. Each blockchain request is a paid token. Each report contains data about the car from several suppliers. Each vendor for which data is used in the report receives a payment token. VinChain receives a commission from each request.

ICO

Pre-sale token for initial investor
Pre-sale: December, 1-24 12,000,000 tokens will be available for placement with a sales ban of 3 months after the ICO expires.
Emissions and sales tokens in ICO.

ICO will be held from March 22 to April 15, 2017.

Roadmap

Team

UjungPedang

Sabtu, 16 Desember 2017

VinChain - The History of Decentralized Vehicles