• The Informer Post
  • Posts
  • Crypto Startup VeChain and BMW Developing Auto Security Platform

Crypto Startup VeChain and BMW Developing Auto Security Platform

August 30, 2020

VeChain is teaming up with German carmaker BMW to develop an auto security platform that keeps vehicles free from forgery.

The two companies plan to roll out the blockchain-based decentralized application (dApp) VerifyCar, which would collect vehicle data such as mileage, repairs, and additional services. The dApp will run on the VeChainThor blockchain which would keep the data secure and untampered.

In addition, BMW highlights that users of VerifyCar have more control over the collected data.

“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.”

The car company also says data such as mileage is collected in real time and stored on VeChain with the assistance of hardware provided by BMW. The company explains that a car owner who tries to change the mileage of the vehicle will be exposed as local data would not match the data saved on the blockchain.

According to BMW, VerifyCar protects consumers from sellers who intentionally manipulate vehicle data such as mileage to fetch a better price. The automotive goliath estimates that data manipulation costs 3,000 euros for each vehicle sold.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.