VinChain

VINCHAIN –CENTRALIZATION OF VEHICLE HISTORY

The ownership of a vehicle is one of the most important feeling as it comes with its pride. However the rush to be in possession of used vehicles has landed most individuals into more problems of daily expenditure on repairs due to the wrong choices made. Centralization of the vehicle history will therefore promote the understanding of the different model of the vehicles hence providing unlimited choices to the customers.

POSITIVE VALUES

Easy trace of information: The centralized vehicle history ensures an easy trace of the vehicles history to the customers. This eliminates the false judgment usually made through an overlook of the vehicles in the garage forecourt and show rooms or inspecting its mechanical conditions without more considerations. In order to curb the regrets and repucations associated with this act, the centralized vehicle history will provide the customers with all the details of the vehicles of their choice.

Specialty markets: The records of the vehicle history are of great essence to different customers especially where they are after a specific model or type of vehicle. This is very vital information provided through the online service history and log books.

Provision of ownership and manufacturers details: The vehicle history explicitly identifies the various owners of different vehicles and ensures easy access of this to the customers. This further enables the customers to know the millage of the vehicles of their choice and even the recorded accidents through vehicle identification number.

NEGATIVE VALUES

Lack of warranty: when a customer acquires a used vehicle via the centralized vehicle history warranty is not always guaranteed and this can lead to losses in case of vehicle break down.

RECOMMENDATIONS

The centralization of the vehicle history is a vital investment and serves the customers off the risks associated with fraudulent business out of pretense. Its provision of independent information about the particulars makes it more reliable as compared to the word of mouth hence making the project viable.

We had a close look at project’s website, whitepaper and team profiles. Whitepaper is weak and inconcrete. Basic issues such as the problem, consumer, business cases and GMT are not elaborated. There are common words about AI instead of the technology itself. Even in case Vinchain won’t vanish straight after ICO the team probably will not accomplish the project.

The White Paper is long, but there are too many repetitions. One idea is written over and over again. There are also too lengthy technical descriptions.

The White Paper is currently in “draft” stage.

Unlike other ICOs, such as Koios, XYO, ORIGAMI NETWORK, Lympo (LYM), Current (CRNC), Cryptomon Token, Onyx, JOYSO and a lot more, VinChain, with its vehicle lifecycle repository or decentralized blockchain database, aims to create a transparent market for both the sellers and buyers of used or salvage cars.

The system solves the problem of asymmetric information, a term George Akerlof used in his 1970 paper, “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism”. This platform will need to vie with a few competitors, but it shows potential if you are a car owner or a used car lover looking to invest.

It looks like a solid project. If you also believe in this project, then maybe you should look up their website and consider joining the VinChain ICO sale.