Introduction: The Webster dictionary defines asymmetric as an exchange not base on the mutual understanding of the sender and receiver. It is a market mechanics where quality uncertainty prevails. In other words one significant challenge faced by the market of used vehicles is that the sellers have and treasure more information about the products than the buyers.
The challenge faced by marketers of used cars: In 1970, a renounced economist and Nobel prize winner George Akeriof opined that the lopsided way in which information about used vehicles positioned for sale faced is distortion-thus describing such market as one with asymmetric information. He furthered that when selling a car, the seller typically knows immensely about the history of the vehicle far better than the buyer and as such, this opens up the possibility for fraud against the buyer. Hence just as old adage goes: if hunters can shoot without missing, then we will fly without perching-buyers now create a hedge against the risk of buying a bad car at an exorbitant price. This according to Akeriof theory can ruin the entire used vehicle market. Here is a more vivid analysis of how that can happen:1.Once a buyer cannot distinguish between a good car and a bad one he will be willing to pay less,hence the average price of the vehicle is reduced.2. Because the price is low,most sold used vehicles are of poorer if not poorest quality, this can further extinct marketers of good vehicles. 3 Consequent upon that,average quantity of good cars in this market deteriorates, so buyers shall be paying less than before. 4.Final result: complete disappearance of the market.
A solution in sight: The Vinchain vehicle history is the only solution that can optionally stop this unusual circle. The Vinchain platform is established to reposition the vehicle market by creating a decentralized undistorted, transparent, secure and reliable life cycle history of every car. So,it is a complete blockchain database site that records and stores all information about a vehicle,the said information must accumulate during its entire period of usage- history that should be both transparent and accessible to everyone in need. Besides, to guarantee absolute reliability and security of the data so far accumulated the Vinchain platform will introduce the technology of distributed storage. The above will not only quench the menace of wiping out the market completely but will also ensure the financial safety and security of the buyer.
How Vinchain will achieve its objective: For each car, Vinchain will issue a blockchain passport that will be reposted in a distributed registry. This is a necessity because all markets participants such as the car manufacturer, insurance companies, car dealers, banks and leasing companies all need a history of exploitation of the product. The above stated is advantageous to both the seller and the buyer. Thus as soon as a buyer chooses a particular brand of car, he/she should order for our report immediately- it is affordable, reliable and authentic. Our responsibility also include uniting all data providers so as to create a continuous history of the car. Therefore, the mechanics of this blockchain is that when a request notice is received, the data of that product is search through the chain and organize, in a well-structured form. Above all disclosing an information and history of the vehicle shall increase its value at the time of sale.The certainty and marketability of the Vinchain dream is based on the fact that all the team members have acquired experienced in a reasonable degree of the automobile industry.
Method of Payments: The cryptocurrency for the Vinchain is the Vincoin-this means of exchange is uploaded in Vinchain site for your perusal. It is our high hopes that all will join hands through subscription of Vinchain vehicle history to stop the used vehicle market from extinction.
For further Information about ICO, please visit,
Official Website: https://vinchain.io/
Official Whitepaper: https://vinchain.io/files/VinChainVehicleHistory.pdf
My Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=994327
ETH WALLET: 0xc102d5276a77BFFCd6eCB1C11dDE