- BMW in collaboration with VeChain is working on launching a dApp that stores vital vehicle information on the blockchain
- The dApp is supposed to solve the problem of manipulated mileage
- Major partnerships head towards VeChain’s way
VeChain Thor, a blockchain-based supply chain enhancement platform has joined hands with German car manufacturing giant BMW.
According to a report published in AutomotiveIT, a magazine that focuses on the IT sector based around the automotive industry, the market volume for blockchain in the automobile industry is expected to reach 104 billion euros by 2030 and a part of this will be categorized under dApps, or decentralized applications.
Just like smart phones and computers cars also collect a lot of information and on the used car market, Manipulated mileage is a big problem. With the help of VeChain Thor public blockchain and the dApp “verify car” from BMW, this problem can be solved.
Users of this dApp can send important information such as mileage and repair history which will be verified and validated by the blockchain.
Cihan Albay, head of the BMW Group IT Tech office in Singapore, said:
“Mileage manipulation is an enormous problem: According to an ADAC study, every third used vehicle sold in germany drives with a manipulated speedometer and the annual damage amounts to six billion euros.”
This is where the blockchain technology comes into play. The verify car dApp would record not only verify the mileage, but also all other activities of the vehicle and store it on Vechain’s public blockchain, VeChain Thor.
In near future, customers would be able to assign a QR code for each car. The QR code will hold the key to all the necessary information of that vehicle such as mileage. According to reports everything has been tested but a launch date is yet to be announced.
Vechain and Other Partnerships
Vechain recently has also launched a one-click solution into the Amazon Web Services (AWS) cloud platform that has been developed to allow companies to deploy quick, transparent and compliant blockchain applications.
The partnership is a working product that ranks highly on the AWS. Amazon has been working on this since last year and joining hands with VeChain enables it to easily deploy Blockchain solutions and is interested to see VeChain as a major service provider.
Vechain also got into collaborations with NTT Docomo – Japan’s largest mobile network provider. This is on top of other inputs it makes in the supply chain industry. These partnerships are a contributing factor to VeChain looking really bullish and prices are expected to go up.