The problem is captured and explained by Nobel prize winning economist George Akerlof in his 1970 paper, “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism”. In the paper he describes the mechanics of markets where one party (the sellers) know significantly more about the product than the other party (the buyers). This is also known as “markets with asymmetric information”.
Project VinChain solves the problem of asymmetrical information in the used car market by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.
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ICO from 1 February till 15 April 2018