A blockchain based solution to get rid of fake Carfax reports - VINChain

in #blockchain6 years ago

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Are you living in the US? Then, you should have heard the term “Carfax” while buying used cars. Usually, buyers will request the Carfax report of the car they are planning to purchase before making the final decision. What is Carfax report? How it helps the buyers to purchase a used car? A Carfax report contains the important information about a car like an odometer reading, accident records, details about the past owners, etc. If the Carfax report is clean, then it is more likely that the car is a good one. But there are some limitations in the Carfax report which are given below:

  1. Expensive – To get the Carfax report of a single car, you need to pay approximately $40 as it is not available for free. If you need the reports for 3 or 5 cars, then rates are $80 and $100 respectively.

  2. Insurance companies – It is not necessary that the Carfax report contains all the accident-related information because not every insurance company in the US sends the data to CarFax. Some owners will repair the car at their own expenses without reporting to insurance companies in case of minor accidents. How will Carfax get information about these kinds of information?

  3. Accident history – If someone is selling a car right away after an accident, then the buyer will not know about that accident because it would not have appeared in the Carfax report. Even if the damage to the car is minor, an accident is always an accident. Right?

  4. Scam reports – Car thieves will somehow get the original Carfax report of a good car and create fake reports to sell low-quality cars. So, you need to be very careful while negotiating with the sellers.

There is no doubt that the Carfax reports are trustworthy. But it cannot be considered as the only or final option for purchasing a used car. Carfax report is just the first step of shopping a used car. Besides that, multi-point inspections and test drive are also needed. Now, the question is: How to bring more transparency and reliability in the vehicle history report? VINChain provides an interesting solution to overcome the problems in the trade of the used cars. How? It will be creating a decentralized database using the blockchain technology for storing the vehicle histories. VINChain will gather information from insurance companies, car registries, etc. Initially, the company is planning to develop the web-based and mobile app only for the US. Besides the vehicle history, the VINChain app will also provide tips to improve the driving by observing your driving style. It will also help to find your car in a large parking lot within few seconds.

Check out https://vinchain.io/files/VinChainWhitePaper.pdf to read about the other interesting features of the VINChain platform.

The heart of the VINChain platform is VINChain tokens, which are special utility tokens based on ERC20 standard. What is the use of VINChain tokens? These tokens are used by the buyers to access the history report of the vehicle. Users can also earn tokens for sharing their car data with the VINChain platform. Kindly visit https://vinchain.io/ to read more information about VINChain tokens.


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Fake carfax are BAD

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