Have you ever heard of people going to buy a second hand car from a private dealer and, months down the line, finding out they have actually bought a fake/cloned car? What about someone buying a car which had a seemingly low mileage count which ended up being proven to be faked? Or, even, a car which they bought under the guise it was a ‘perfect runner’ to then find out the engine had severe work carried out and was imminently awaiting failure? I know I have heard of cases where all the above were apparent.
If you have been a victim of any of the above, or know anyone who has been, you might interested in the latest blockchain based project which I personally believe to be a great candidate to bring blockchain technology to the forefront of society: VIN Chain.
As many of us already know, buying a used car can be one of the most stressful things a person can do. The state of the current vehicle industry is such that the average consumer’s funds are always at risk, unless they take the plunge and buy a brand new vehicle, off the show room floor, for a significantly higher price than that of a used vehicle.
This is a huge issue as the majority of people cannot afford to just outright buy a brand new vehicle, which will lose financial value the second it is taken off the showroom floor, and equally cannot justify the extremely high interest charges on the cost of buying a car on finance. This leaves the average consumer with one option: buy a used vehicle.
While the buying of a used vehicle is quite literally the only reasonable, and most cost effective, option for the majority of people in the world, the sad fact of the matter is that pretty much any information concerning a used vehicle can be faked.
Whether it is the number of previous owners, the current mileage, outstanding financial liabilities still attached to the car, write off status of the vehicle, or state of repairs required for the vehicle, it is always hard to know whether or not a consumer is going to get ripped off by private car salesmen or dealership, and there currently are no all-inclusive solutions which can validate information regarding a car’s history.
The reasons for such an overwhelming grey area of information being so prevalent within the used vehicle industry vary greatly from manufacturers, dealerships and mechanics using closed databases which they refuse to share with other related companies to, companies and individuals failing to keep an accurate record of information for a vehicle, which leads to out-of-date, irrelevant and incorrect data being recorded and shared.
This obviously present a significant issue for both consumers and sellers as consumers are in a position where buying a used car is always a gamble and sellers are forced to accept lower than the market price for a used vehicle.
The Solution… VIN Chain
Due to the nature of blockchain technology (numerous computers validating and sharing information with each other), as mentioned above, I personally think this is an area where the technology could really prove its worth to society. The way in which VIN Chain works is by collecting data from all possible resources (manufacturers, insurers, dealers, mechanics, government regulators, finance industries etc) and then storing it on their blockchain.
By storing this data on their blockchain the VIN Chain company will ensure that all data is accurate, incorruptible and, most importantly, accessible to all whom require the information. The last part of that sentence is quite possibly the most important part: accessible.
Making the data, which is collected from as many sources as possible, easy to access for both consumers and sellers the VIN Chain project will ensure that all involved with the sale of a used vehicle have accurate, up to date, and un-faked information about every vehicle they are involved with.
While the act of providing all this beautifully in depth information about a vehicle’s reported history is an amazing use of blockchain technology in itself, the most unique and, in my opinion, important part of the VIN Chain plan is the use of their specifically designed telematics device, which teams up with their mobile app.
The tiny little device, which will plug straight into your car’s central computer, will assist with everything from identifying faults (using the vehicle’s on board fault detection mechanisms) to finding your vehicle in a huge car park.
By using one of the VIN Chain telematics devices drivers would be able to have all information regarding their vehicle and their driving habits recorded on the VIN Chain blockchain to assist with everything from proving the condition of the vehicle, should they wish to sell it, to assisting a mechanic when attempting to identify and repair a fault with the vehicle.
The diagnostic function of the telematics device could be a function which ultimately ends up saving drivers significant amounts of money by identifying faults before they become severe enough to cause damage to a vehicle.
Further Benefits of the VIN Chain System
As if the fact that anyone would be able to easily and efficiently verify information regarding a used car with the VIN Chain blockchain wasn’t enough to warrant interest in the project, another aspect of it which I find interesting is the fact that the VIN Chain company are teaming up with other automotive businesses to offer users of their platform a discounted service.
At the moment VIN Chain are expressing they will be able to get drivers a discounted service for refuelling, maintenance and even up to 30% off car insurance when they are using their telematics device which will go some way to help a number of motorists with keeping costs down.
To further incentivise the VIN Chain project the company is one which believes in users owning their own data and being paid for it. This means that using the VIN Chain product and joining their ecosystem could actually end up financially rewarding you.
When you decide to join the project you will be solely in charge of which information you are comfortable sharing with the blockchain and, dependant on what you share with it, you will be rewarded with VIN tokens for your information.
Overall I personally believe this project to be a great use of blockchain technology, as expressed numerous times throughout this article and I would not be surprised to see it really take off in the years to come.
As of this moment there is currently an alpha version of their VIN checkup tool which will work for cars in the USA and can be tested here: https://vinchain.io/report/check
To add incentive to those looking to invest you can currently claim a 25% bonus on all tokens which you purchase although I am not sure how long the bonus will last for. You can buy VIN Chain tokens directly from their website on the link below and can use Bitcoin, Ethereum, Litecoin and Dash to enter the token sale.
As always, I have included links to their social media and whitepaper for you to do your own due diligence. Have a read and make your own mind up!
Join the VIN Chain tokensaleRead the VIN Chain whitepaperJoin the VIN Chain TelegramJoin VIN Chain on TwitterJoin VIN Chain on Facebook
Please remember that this article is not to be taken as any form of investment advice and that you should do your own research before investing your hard earned cash into anything. We would also like to remind you that Something Decent is not in anyway responsible for the distribution of airdrops, bounties or giveaways unless it is stated that we are personally conducting them