Car tokenization is the digitalization of a vehicle through blockchain.
In simple words, it's like taking a photo of the car's current condition that cannot be altered. Over the years, an immutable and permanent record of the car is created.
With Carchain, you can create a non-fungible token (NFT) of your car on the Ethereum Blockchain. By doing so, we generate a vehicle's ID that holds the records immutable, permanent, and public.
What is a Non-fungible token (NFT)?
A NFT is a cryptographical secure token that is unique, authentic, indivisible, indestructible, and verifiable.
At present, almost any asset can be tokenized, from artwork to gold to real estate and cars.
After tokenizing your car, you can keep the token in your wallet or transfer it when you sell the vehicle.
Why should I tokenize my car?
By tokenizing your car, you will be contributing to improving the transparency and integrity of the automotive market by safeguarding all stakeholders from scams and fraud.
Since the NFT representing your car holds vital information such as mileage, VIN, engine number, colour, etc., people cannot alter this information and sell the vehicle at an unfair price.
What is different from the current methodology?
At present, this data is kept in centralized databases, controlled by an authority that may unintentionally modify the information or be subject to third parties’ hacks. Moreover, most of these databases allow to perform 4 functions named CRUD: Create, Read, Update, and Delete.
On the other hand, data on the blockchain is decentralized, and there is no central authority that can modify vehicles’ records. Additionally, blockchain uses only two functions: Create and Read. Therefore, information cannot be updated or deleted
How it works?
Step 1 - Place an order to mint a token of your car.
To place the order to digitize your car won't take more than 5 minutes if you have already an active premium Ad.
We write 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.
Step 2 - Carchain certify your vehicle details through third parties.
Step 3 - Your token is created on the blockchain.
After the vehicle's information is certified, we create a NFT representing your car. You can hold the token on Carchain or transfer it to your own wallet.
On the other hand, if your car is older than 30 years, you will receive Carchain coins that you can use to tokenize more cars or to pay for other services we provide you through our marketplaces.
Be among the first to tokenize your classic car and get up to 100 Carchain Coins.
When tokenizing your car in Carchain you are also creating new Carchain Coins that can be used to tokenize more car or to pay our Carchain services.