How Vinchain Aims To Save The Declining Market Of Second-Hand Vehicles
We all love our rides. They are like a loyal friend to us especially when we are behind the steering wheel. But like all things, cars wear out naturally or we just fall in love with newer cars boasting more features than the incumbent one. It’s perfectly normal to transfer ownership of the old car by selling it as a second-hand value to an interested buyer. The problem is the second-hand market is gradually dying mainly as a result of the acts of certain vehicle sellers who hoard important negative information about the car they want to sell to unsuspecting buyers. It is only after the deal has been struck that the innocent buyer discovers that the car has some other unspecified issues which the seller refused to disclose and as such feels betrayed and cheated out of his money. This fear of potential fraud has made many people frown at the idea of purchasing second-hand cars and the few who would reluctantly go ahead to buy a used car are always adamant at ensuring they ridiculously undervalue the price of the car to cover up possible losses in the event of getting a bad car.
The rippling effect of this is that we are left with many high-quality and high-valued good vehicles being sold for peanuts which disregards the general patronage of the second-hand vehicular markets by sellers. While high-valued cars are being rendered cheap, medium quality cars are also affected as they will either be sold for scraps or be pushed out of the market entirely. If nothing is done to negate the practice of selling these cars at low prices, we will be having more bad cars than good cars being sold and many buyers will stay off the secondary market permanently as they will feel there is no good quality cars there anymore. This continuous cycle will lead to the death of the second-hand market until proven information is provided that answers all the necessary questions for both buyer and seller before an agreement can be reached for a transaction.
VINchain has been created as a go-to platform where vehicle buyers and sellers can access a repository of data relating to all vehicles. Using blockchain technology, the decentralized database will hold all the required information concerned with several vehicles in a secure and transparent manner. After successfully conducting a survey among the key stakeholders in the secondary market, the VINchain team realized that members of the market voted for a need to have access to vehicle data that can be trusted and banked on before they can do business. They have therefore decided to tackle this imbroglio by issuing a blockchain passport for each and every vehicle. This passport is then stored in a distributed registry that is also able to produce reports of vehicles upon requests by buyers and sellers as well as other members of the second-hand market. With the blockhain-passport of each vehicle intertwined with their (VIN) vehicle identification number and available in the VINchain blockchain system, data will be easily accessible to everyone and the information therein will be transparent and legit.
Once buyers can trust the information being provided by VINchain, they can always go ahead to buy second-hand cars without fear of fraud or being cheated. Sellers will also be encouraged to sell more of their cars at its current marketable value without fear of being under-priced. In other words, VINchain will successfully solve the problem of safety, security and fraud with their decentralized vehicular blockchain database.
Website - https://vinchain.io/en
Whitepaper - https://vinchain.io/files/white_paper.pdf
Telegram - https://t.me/vinchainio
Facebook - https://www.facebook.com/vinchainio/
Twitter - https://twitter.com/VINChain_io
Bitcointalk - https://bitcointalk.org/index.php?topic=2349186.0.all
Author - Coltpython