Victor Ugochukwu · Dec 14, 2020 . 5min read
VeChain and BMW Team Up to Develop an Auto Security Platform VerifyCar
VeChain is collaborating with German carmaker BMW to build an auto security platform VerifyCar that keeps vehicles free from forgery.
By Komal Joshi · Aug 31, 2020 . 7min read
VeChain is collaborating with German carmaker BMW to build an auto security platform that keeps vehicles free from forgery. The two companies intend to roll out the blockchain-based decentralized application (dApp) VerifyCar, which would collect vehicle data like mileage, repairs, and additional services. The dApp will run on the VeChainThor Blockchain, which would keep the data secure and untampered.
First revealed in April 2019, the link between VeChain and BMW’s VerifyCar system rests in the Blockchain’s ability to bring transparency to the model and track potential fraud. Based on the VeChainThor Blockchain, the solution injects decentralized apps in a completely new manner. From last year’s announcement, it is visible that VerifyCar is a way to connect essential vehicle data to each vehicle in a tamper-proof manner through the VeChainThor Blockchain. The recent report reveals that the focus is on protection against manipulation of mileage, repairs, and rights to services bought in addition to the car.
BMW Develops Fingerprint System for Data Authenticity
Furthermore, BMW emphasizes that users of VerifyCar have more control over the collected data. Moreover, BMW will not store any of the unique data obtained from the vehicle in the VeChain public Blockchain. Instead, the utilization of Blockchain is to develop a “fingerprint” that verifies the data’s authenticity. Additionally, all data will remain in the owner’s vehicle. By accessing the Dapp, the owner can determine who he wants to transfer the data, e.g., to a garage or a potential buyer. Nevertheless, the digital “fingerprint” assures both parties that no part of the vehicle gets tampered.
The car company also states data like mileage collected in real-time. With the support of BMW’s hardware, the storage is easier on VeChain. The company demonstrates that a car owner who decides to change the vehicle’s mileage will be displayed as local data. Moreover, it would not match the data saved on the Blockchain.
According to BMW, VerifyCar protects purchasers from sellers who intentionally manipulate vehicle data such as mileage to a better price. According to BMW, the manipulation of vehicle data in Germany alone costs around 3,000 EUR per vehicle sold. Besides, VeChain collectively bears the costs of operation and development. Once the dApp is ready to be integrated with production, it can be marketed to all car manufacturers. It also involves BMW’s competitors. It would increase the solution’s unique selling proposition by developing a beneficial network for the app’s distribution.
Blockchain is applied in various sectors right from Agricultural Industry to Blockchain-based employee identification solutions. Therefore, Blockchain in the automotive industry only advocates its benefits and adaptability. Conclusively, if VerifyCar is successful, it would be one of the first blockchain-based mass applications from the German industry.
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