It is a blockchain-based ecosystem that connects all services, like the car dealer shops, mechanic shops and car rental companies, that touch your car to collect its lifetime data. Participants from automobile-related companies, services or trade industry will be connected and they will insert core data related to driving, traffic accidents, repairs and other car-related transactions into the blockchain. Participants who provide data related to automobile will receive MVL Point (MVP), a reward system used to encourage contribution to the ecosystem.
VINchain is creating a worldwide blockchain database of used vehicle information that is 100% transparent, reliable, and accessible by everyone. VINchain project unites all data providers and gives the user a complete, uninterrupted vehicle record; all without the disadvantages of a centralized database.