For the past six months, we have been working on something very important, something that will change the way we go about purchasing a used vehicle. We have done a lot of research and have learned a lot during this time. Today, we want to bring you up to speed with what we have been doing and what will be done in order to make the purchase and sales of used vehicles easier, more transparent and less stressful, for everyone involved.
We began working on the project in February 2017, after a car purchase pushed us to look deeper into the matter. It seemed to us that it was almost impossible to trust the seller of the car — no matter how sincere they seemed — and even harder to decide whether the car was worth its sale price. We discovered a lot of flaws in this process for both the seller and the buyer, which is what prompted us to investigate and to come up with something that will make the process safer and easier for all parties involved.
When purchasing a car, the problem begins almost immediately, with the seller knowing considerably more about the vehicle than the potential buyer. As a result, the buyer will make a lower offer than that which the car is actually worth. As a result, the future of the used car market is impossible to determine. There is even a strong chance that it will potentially implode. In its current state, it is neither reliable nor sustainable, which is not good news for dealers, manufacturers, or buyers.
This is where we come in. Following our research, we have created a system in which a vehicle’s details are stored, right from the moment it leaves the production line and all the way up to present day. And to make things even better, this information is readily available to anyone wishing to seek it out. Transparent and secure, the data provided is guaranteed to be reliable.
We will use blockchain technology to gather a vehicle’s information from all data providers: car manufacturers, dealers, insurance companies, banks, and leasing companies. With all this information in hand, a buyer will be able to make an informed decision on whether to purchase a used vehicle, or whether it will be an endless nightmare and a money-pit further on down the line.
With this system, we aim to change the used car industry by making it transparent, safe, and reliable, putting into place guarantees that will benefit both seller and buyer and make a used car transaction as simple as it can be.
Our website https://vinchain.io is a hotbed of invaluable information, so why don’t you check it out to find out more about the system, our goals, and the reasons behind why we are doing this. You can also read our White Paper https://vinchain.io/files/white_paper.pdf and askus questions on our social networks, or by simply sending us an email. We are always happy to assist and answer any questions you might have!
More announcements will be coming soon, so stay tuned for more information, and we look forward to hearing from you in the meantime!