- An article published a few weeks ago highlights new details about VeChain’s partnership with BMW.
- VeChain has developed the VerifyCar solution to track possible fraud and manipulation of second hand cars.
The partnership between automotive giant BMW and VeChain continues to bear fruit. Following the successful completion of the BMW program, known as Startup Garage, VeChain appears to be expanding its relationship with the automotive giant. The partnership was already unveiled in April 2019 at the VeChain Summit in San Francisco, when Cihan Albay of BMW Group introduced decentralized app (dapp) VerifyCar, which is based on the VeChainThor blockchain.
Last year’s announcement revealed that VerifyCar is designed to connect important vehicle data to the vehicle in a tamper-proof manner via the VeChainThor blockchain. According to the former announcement, the focus is on protection against manipulation of mileage, repairs (workshop book) and rights to services purchased in addition to the car (e.g. navigation maps, concierge services, etc.)
VeChain’s solution for BMW could be used universally
In a recent post on Reddit, a user has made it his goal to search for updates of the project. He came across an article that was published in July on a German website and highlights the progress of the project. The main purpose of the dApp is still the same, but as the article says, more emphasis is put on the user’s control over his data.
Moreover, the article clarifies that BMW will not store any of the unique data collected from the vehicle in the VeChain public blockchain. Instead, the blockchain will be used to create a “fingerprint” that verifies the authenticity of the data, while all data will remain in the owner’s vehicle. By accessing a dapp, the owner can decide for himself to whom he wants to pass on the data, e.g. to a garage or a potential buyer. However, the digital “fingerprint” gives both parties the certainty that no part of the vehicle has been tampered with:
BMW will not save any clear data about its cars on the public VeChain. The group only wants to reference this via a “digital fingerprint”. The clear data stays with the user in the car. By accessing the app, the user decides who he would like to pass on which data, e.g. a workshop or a potential buyer.
The recipients can compare the data with the “digital fingerprints” or reference stamps on the VeChain blockchain. If clear data and the reference on the blockchain match, the recipient knows that the data is authentic.
BMW estimates that the manipulation of vehicle data in Germany alone costs around 3,000 EUR per unit sold, and that data manipulation allows a salesperson to modify any component to look like a new or less used one.
In addition, it was revealed that VeChain jointly bears the costs of operation and development. Once the dApp is ready for production, it can be marketed to all car manufacturers, including BMW’s competitors, reducing the solution’s unique selling point but creating beneficial network effects for the app’s distribution. Furthermore, the article concludes:
If VerifyCar comes out and is successful, it would be one of the first blockchain-based mass applications from German industry. The potential advantages of this dApp appear promising.
Der Beitrag New details on VeChain’s project ‘VerifyCar’ with BMW unveiled erschien zuerst auf Crypto News Flash.