During the VeChain Summit held at San Francisco, VeChain made an important announcement of collaborating with the leading automobile manufacturing company BMW. VeChain mentioned the name of its new service at the Summit ‘VerifyCar and the new service will be available on the VeChain Thor Network.
BMW member also spoke during the Summit regarding its partnership with VeChain, BMW’s Singapore Office, Lead IT head, Cihan Albay said that “VeChain has successfully gone through the BMW Startup Garage program and BMW is still working with VeChain on a client based relationship.”
The collaboration between the giant automobile BMW and VeChain was mentioned a year ago. VeChain is a part of BMW Startup Garage program, and they both have been working together on a project to develop a blockchain based application.
The new VerifyCar application will address the problem of mileage scam. According to the presentation mileage fraud is found in one-third of vehicles across Germany. VerifyCar is basically a digital passport, allows users to track the history of their maintenance and odometer. VerifyCar is a mileage verification tool powered by blockchain. In short, VerifyCar app will allow buyers to check the true history of the car. Now, the buyers can use it to find the true history of the car without any delay.
At the VeChain Summit 2019, BMW said every interaction with the car will be published by VerifyCar on the public ledger of VeChain Thor. This app will greatly resolve the issue of odometer fraud, which is a big issue in the automotive industry.
As per the official report of BMW, one-third of BMW vehicles sold in Germany have their odometer tampered. This has led to an economic fraud of worth $3,400 per vehicle. The price of the used car is greatly depended on the number of kilometer it has been driven, odometer manipulation has led to economic fraud.
Earlier BMW had announced that it would participate in the VeChain Summit 2019 which was held on 18th April 2019.
VeChain during a press release mentioned: “The summit offers participants a unique opportunity to expand their networks. Participants will learn to garner the full value out of the fast-growing blockchain industry” and “gain information related to the latest news, products and trends in VeChain Tech and innovations.”
One of the important aims of the summit was to get developers, startups, professionals, businesses decision makers, academic and venture capitalists together so as to unite as a team and develop solutions that form tangible applications on the VeChain Thor Network.
VerifyCar app will allow to store car data on the BMW Digital Ledger developed using the VeChainThor blockchain.
VeChain is a firm that provides blockchain based solutions to various companies, includes companies such as DNVGL and the Auto manufacturer. Sunny Lu is the CEO of the firm. VeChain had an amazing start in 2019; it has created numerous partners and announced ToolChain for businesses.
Blockchain applications have significantly implemented in the automobile industry, and they are quite familiar now. IOTA is creating its own decentralized solution for IoT and other things as well. It is the part of Mobility Open Blockchain Initiative (MOBI) association along with popular automobile manufacturing companies such as Ford, Renault and BMW and others in order to enhance solutions and to increase adoption.