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BMW and VeChain create a platform on the blockchain to track information about cars

BMW and VeChain create a platform on the blockchain to track information about cars

VeChain is working with German automaker BMW to develop a blockchain-based platform that will collect data about cars and protect them from counterfeiting.

The companies plan to deploy a blockchain-based VerifyCar app that will collect data about cars, such as mileage, repairs, and additional services. The decentralized application will run on the VeChainThor blockchain, which will ensure data security and protection. BMW stresses that VerifyCar users will get more control over their data:

“By accessing the app, the user decides to whom and what data they would like to transfer, for example, to a workshop or a potential buyer. Data recipients can compare it with information in the VeChain blockchain. If the data matches, the recipient can be sure of its authenticity.”

The car company also reports that some data, such as mileage, is collected in real time and stored in VeChain using equipment provided by BMW. The company notes that a car owner who tries to change the mileage of a vehicle will be caught cheating, because local data will not match the information in the blockchain.

According to BMW, VerifyCar will protect consumers from sellers who deliberately manipulate car data, such as mileage, to sell the car at a better price. The company estimates that data manipulation causes damage of 3,000 euros for every car sold.

Recall that BMW tested the blockchain to improve the mileage control of cars in cooperation with DOVU back in 2018. Last spring, the company began working with the accelerator of blockchain startups Tribe, and also announced plans to launch a PartChain platform for tracking auto parts deliveries.