Before the dawn of blockchain systems, the problem on centralized data storage systems were countless. Even with the development of blockchain systems, there is still a huge problem in the automotive business now. The information about used cars is not transparent and correct in most cases. So the possibilities of buying a ‘bad’ car are extremely high. This is because all the information now is centralized within one person or company.
A centralized data storage is a disaster waiting to happen. It makes it so easy for someone to change it for his/her own benefit. Secure storage of big data has been the biggest challenge for data scientists in every industry. The reason is that the information can be modified, lost or mishandled as it is stored in a single database. Moreover, due to the strenuous and expensive work that is needed to maintain a centralized data storage system, the information can be out of date.
Needless to say, misrepresented or outdated data in a centralized data storage system in the automotive industry can be fatal. However, we offer the solution to this problem. With the help of decentralized data storage, you will have efficient and fully proved information about the car. We will unite data providers to collect all the information which is the biggest advantage in comparison to a centralized system.
Market participants such as car manufacturers, car dealers, insurance companies, banks, and leasing companies all need a history of exploitation and they need it to be transparent, affordable, reliable, and authentic.
With the current rates of car imports and exports, buyers and sellers need to negotiate on common ground. Our project will be able to help buyers who are choosing a car now to have the ability to know everything about their purchase. That will create a trust relationship between buyer and seller while also developing the industry. Seller will be able to demand a higher price on the vehicle due to its high quality which can be proven with our information. Vinchain technology will help automotive business to increase the profit and to establish better relations with the customers.