The new BMW distributed ledger platform will be created in cooperation with the VeChain project. The application will collect information about the car: mileage, applied repairs, and other additional services.
Carmaker BMW will partner with VeChain to develop a blockchain-based platform to shield customers from counterfeiting. The VerifyCar decentralized application will be powered by the VeChainThor network. It will contain vital information about the car, including the real mileage, details about the undergone repairs, as well as additional services, writes Fuchsbriefe.
The application is designed to protect the customers of the German company from unscrupulous sellers and car dealers who often resort to unethical deception to raise the value of the car they are selling. The company said in a statement that it will be possible to verify the authenticity of the data by verifying it with the information specified in the blockchain.
Mileage data will be accurately collected in real-time by the use of BMW-installed equipment. After that, they will be immediately transferred to the blockchain. The company stressed that this excludes any attempts to “twist” the car’s mileage.
In the summer of last year, it became known that the German auto concern Daimler AG, which owns the Mercedes-Benz brand, will release a blockchain-based hardware crypto wallet. Furthermore, currently in development are identifiers that will be able to receive and evaluate information about the car and the environment.
