Ten year veterans of the US vehicle inspection market, AutoInspect.us LLC, have agreed to share their huge database of 254,999,413 vehicles with the new VINchain blockchain.
AutoInspect are one of a limited number of licensed data providers for the largest US government database of vehicle data known as the National Motor Vehicle Title Information System (NMVTIS).
According to reports on the company’s social media platforms, in return for the database AutoInspect will be able to sell reports provided by VINchain who themselves are aiming to leverage blockchain technology to introduce total transparency into the used car market, with the hope of eliminating fraud.
The enormous number of vehicles is a scoop for VINchain who are currently a week away, or 235 ETH, from concluding stage 4 of their ICO.
Funds raised will be used to further collection of used vehicle information, including repair records, accident history and mileage to be utilised by vehicle insurers, dealers and buyers.
Such a vast amount of data is problematic to hold in a purely decentralised system. VINchain’s solution is to store most of the information centrally but then create hashes for the data that is stored, with these hashes then stored on the blockchain. Such an approach offers the ability to secure off-chain data whilst tracking modifications to it.
Once a client requests a particular vehicle details, they will receive the centralised data along with the blockchain hash to ensure that the information hasn’t been tampered with since the time it was originally added.
While the project currently has a US-focus, there are plans for expansion into Europe and Asia in the near future. Split over a total of seven stages, the current ICO price is 1 ETH = 20 000 VIN plus a stage bonus of 15%. Accepted payment options are ETH, BTC, LTC and DASH.