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VINchain, the car revolution thanks to blockchain technology
VINchain, the car revolution thanks to blockchain technology
Technology

VINchain, the car revolution thanks to blockchain technology

By Marco Cavicchioli - 25 Oct 2018

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VINchain is a project that aims to revolutionize the system of car dealers thanks to blockchain technology.

VINchain offers an onboard app and diagnostic device that provides real-time vehicle data.

In particular, dealers now use the data to guide marketing, from the time of purchase to vehicle maintenance, and motorists expect their vehicles to clearly indicate any ongoing problems and when it is time to take action.

Big data makes it possible for an app to find a service centre nearby, make an appointment and provide the service centre with a range of information about the problems encountered.

The VINchain name comes from the vehicle’s VIN (Vehicle Identification Number), which is a unique identification number that provides a lot of data about the vehicle itself, such as the manufacturer, the factory where the car was built, the model, the type of bodywork, the engine’s serial number, and so on.

The same VIN number is linked to the databases of insurance companies and institutions in the sector, and can therefore also be linked to information about repairs, mileage and any accidents.

The VINchain blockchain inserts all this data into blocks and allows the relevant app to quickly access this data collected from many different sources. Dealers can also upload data and receive a reward when information is added. This encourages the addition of data and the system thus accumulates more and more vehicle information.

In addition, VINchain’s onboard diagnostic (OBD) device can be customised to the needs of the dealer or customer and provides real-time diagnostic feedback on everything that happens in the car, from part wear conditions to engine performance and fuel economy.

This allows dealers to monitor vehicles and offer reminders of scheduled services or recommendations for unscheduled services. The device offers geolocation and roadside assistance services, as well as remote control of the vehicle in certain situations. Dealers can also use the service to contact drivers to request data or make offers. Every time a driver or customer provides information they are rewarded because the blockchain database is enriched.

So, on the one hand, dealers and motorists can benefit from it in terms of vehicle maintenance, and on the other, they are also rewarded for the data they provide.

All data will be stored on the VinChain blockchain, forming a huge database of all the monitored vehicles, which can be useful for example for statistical analysis or institutional studies.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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