Its estimated that the average car history reports costs about $15. When we consider that approximately 95 million cars are sold every year, we can get a sense of the size of the car history report market.
VinChain is using blockchain technology in order to target this car history report, by providing a solution which it believes is radically better than what is currently available.
Using VIN tokens, a utility token on the VinChain blockchain, car buyers will be able to get a complete history of a vehicle before they buy. This will be available at a faction of a cost of normal car history report. Its estimated that a car history report will be as little as $1.25 when buying through VinChain.
The data will be provider by third party participants in the system. These third parties will be anyone who has knowledge about the vehicle. They could be a car dealer or a leasing company or a manufacturer. Basically, anyone who is involved with the life cycle of the vehicle.
They will be rewarded for providing that data with a portion of the token payment that is made by the user searching for the car history.
All payments will be made using VIN tokens. These are a cryptographic token created using the Ethereum blockchain. This will enable fast, cost effective and transparent payments from anywhere in the world.
You can learn more about VinChain’s Car History reports and the current token sale for VIN tokens by visiting:
Vinchain Website: https://vinchain.io/
Vinchain Whitepaper: https://vinchain.io/files/VinChainWhitePaper011217.pdf