Carchain, allows you to create the digital identity of your vehicle ...on the blockchain by means of a non-fungible token (NFT). In simple words, it is like taking a photo of the current condition of the car that cannot be altered. Over the years, an immutable and permanent record of the car is created. This process is called car tokenization and it means the digitization of the car through blockchain.
What is a Non-fungible token (NFT)?
A NFT is a cryptographical secure token that is unique, authentic, ...indivisible, indestructible, transferable and verifiable. Today, almost any asset can be tokenized, from illustrations to real estate to cars. You can transfer the token when you sell the vehicle so that the new owner can continue with the vehicle history registration.
Why should I create my car digital identity?
Blockchain gives you irrefutable proof of the care and maintenance ...performed on it. In addition, it would contribute to improving the transparency and integrity of the automotive market, protecting stakeholders from scams and fraud. This is because the NFT that represents your car has vital information that cannot be altered, such as mileage, VIN, engine number, colour, documents, etc.
What is different from the current methodology?
At present, this data is kept in centralized databases, controlled by ...a centralized authority that may unintentionally modify the information or be subject to third parties’ hacks. In contrast, the data on the blockchain is decentralized, and there is no central authority that can modify it. Another relevant aspect is that traditional databases work with 4 functions: create, read, update and delete. The blockchain works only with the first two of them.
It will take no more than 5 minutes to order to create your car identity ...if you have already an active premium Ad. We will digitize vital information on the smart contract representing your car. Therefore, make sure you have registered the following information before placing the order: VIN, Engine number, Body colour, Certificates, and Mileage.
2. Carchain certify your vehicle details through third parties.
We verify and attach to the identity of your car ...the information provided by third parties, which may include the previous history on mileage, license plate number, claims, etc.
3. Your car's identity is created on the blockchain
After the vehicle information is certified, we create an NFT ...that represents your car. From this moment on, all the information inherent to your vehicle will be registered in the blockchain. To give greater transparency to the history of your vehicle, we will ask you to periodically record the mileage and maintenance you perform on the car.
Register a car
To create a digital car identity, you must register a car as premium. If you have already registered it, you can do so by selecting the car in My Garage.