AutoBay and VINchain Partnership Announcement!

August 8, 2018

We’re excited to announce a groundbreaking partnership between VINchain and AutoBay. With AutoBay offering the first blockchain platform to purchase vehicles exclusively with cryptocurrency and VINchain offering the first blockchain vehicle data marketplace, we have unprecedented synergy in both scope and vision.

We both make it our business to disrupt long-held limitations of the automotive industry using blockchain technology. VINchain will allow car buyers and sellers to purchase more accurate vehicle data reports than ever before, while AutoBay will enable a completely cashless transaction.

Autobay is the first e-commerce platform based on the Ethereum blockchain that allows users to sell, buy and auction vehicles using cryptocurrencies as the exclusive payment method. Each year over 80,000,000 new cars are sold worldwide and over 100,000 used cars are sold every day in the US through an outdated, cash dependant process. Autobay is creating real value for cryptocurrencies by allowing them to act as a financial asset to purchase vehicles while avoiding the need to carry large amounts of cash. This creates a simple and secure process to purchase vehicles. Autobay adds legitimacy to the cryptocurrency market by allowing the use of Bitcoins (BTC), Ethereum (ETH) and Autobay Tokens (ABX) as financial assets to acquire vehicles.

 

VINchain is a tamper-proof and decentralized vehicle data platform that is bringing transparency and trust to the automotive industry. With the aid of blockchain technology VINchain unites all data repositories into one common ledger, providing transparent data access for all - enterprise and consumer. This puts control of data back into the consumer’s hands, while allowing them to be compensated for their data in the form of VIN tokens. VINchain further empowers consumers by offering vehicle history reports over the blockchain, which are more secure and reliable than ever before. Already offering an API, wallet and reports, VINchain is spreading like wildfire everyday.



 

Why we’re overjoyed with the potential of this partnership:
AutoBay users will gain access to the VINchain network, giving them the option to be compensated for vehicle data they create in the form of VIN tokens. VINchain’s vehicle history reports will enable full and transparent data for every vehicle purchased through AutoBay, further increasing buyer confidence. As a result, those selling used vehicles will be able to fetch a greater price as buyers will not be distrustful of a vehicle’s used condition.

The VINchain community will have the option to further increase the security of vehicle purchasing by completing the entire transaction over the Ethereum blockchain, without ever having to risk carrying large amounts of cash on hand to an individual or dealer.

The natural synergy between VINchain and AutoBay brings great excitement and promise to our partnership, and we’re excited to revolutionize the automotive industry together.  

To learn more about AutoBay, go to https://www.autobay.io or join the AutoBay telegram at https://t.me/autobay.

To learn more about VINchain, go to vinchain.io or join the VINchain telegram channel at https://t.me/vinchainio  

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