Ever since the launch of digital currencies, many people have explored what other possibilities are there when you implement the blockchain technology. Blockchain technology solves any problem associated with a centralized system. Using technology that fully depends on a centralized system has become rather difficult especially since the beginning of the Internet. Poor data storage systems have led to the increase in cyber crimes. In the automotive industry, several buyers have purchased ‘bad’ cars due to manipulation or misrepresentation of information by the seller. This is because records on vehicles are being stored by a person or company. Needless to say, having a centralized data storage system for all vehicle records gives room for manipulation for personal gains.
However, Vinchain seeks to solve this huge problem with the help of the Blockchain technology. With its help, the information will always be transparent and up-to-date due to the decentralization of information. No one will be able to influence the data for their own aim. There will be no possibilities of losing any data. Everyone who is interested will be able to get the access to this information.
It will also benefit every member of the automotive business, companies, and services that are connected with it. Also, the rewarding system will be fair and clear. You will receive your tokens for each request that is done by anyone on that info according to the rate of information you give us. Vinchain hopes to offer this service as soon as the project has successfully been implemented.