German car manufacturer BMW and blockchain company VeChain have showcased their VerifyCar application. This app addresses the issue of mileage fraud. It’s a digital passport that allows users to monitor their odometer and maintenance reports. This application was revealed during the VeChain Summer 2019 in San Francisco.
VeChain and BMW announced their partnership last year. It’s part of the BMW Startup Garage, where the car company works on future applications and technology for their cars. The two companies will keep working together on a client based relationship.
VeChain is gaining some traction among big brands. Earlier this year Deloitte announced it would migrate its blockchain projects to VeChain, following in the footsteps of PriceWaterhouseCoopers.
This is not the only blockchain project BMW is working on. The car company joined the Mobility Open Blockchain Initiative (MOBI) consortium in an effort to make the entire car industry use the same distributed ledger technology for sharing data between electronic cars.
Other car companies like Ford, General Motors, Volkswagen and Hyundai have also recently announced their first steps into blockchain technology. With the rise of electric and self-driving vehicles, it makes sense that car manufacturing and data-driven driving are elements that look at blockchain technology for a more open, safer and honest future.
Also published on Medium.