- VerifyCar will help to deal with odometer fraud
- The application is awaiting rollout after successful testing
- They announced several big partnerships during the VeChain summit 2019
BMW has unveiled a VeChain Network blockchain-based mileage verification tool called VerifyCar. The tool will be used to allow buyers to verify a car’s true history.
The leading German auto manufacturer made the announcement during VeChain Summit 2019, saying VerifyCar will publish every interaction with a car on the VeChainThor public ledger. The application will help in dealing with odometer fraud, which is a big problem in the automotive industry.
Publish Every Interaction with Car
According to a company official, nearly one third the vehicles sold in Germany have had their odometer manipulated and since the value of a used car depends on the number of kilometers it has been driven, the resultant effect is an economic fraud of about $3,400 per vehicle. VerifyCar is a digital passport that will allow customers to verify the car’s odometer and maintenance history.
BMW announced in February that it would attend VeChain Summit 2019 that took place on April 18, 2019.
The summit, organized by VeChain, a company that offers blockchain solutions for several companies including DNVGL and the Auto manufacturer, took place in San Francisco. Commenting about the summit, VeChain said in a press release then:
“The summit offers participants a unique opportunity to expand their networks. Participants will learn to garner the full value out of the fast-growing blockchain industry and gain information related to the latest news, products, and trends in VeChain Tech and Innovations.”
Tangible Applications on the VeChainThor
The integral point of the summit was to bring together developers, academic professionals, startups, businesses decision makers and venture capitalists to collaborate and build solutions that create tangible applications on the VeChainThor blockchain. The one-day event had several activities that the participants took part in starting from how to build applications on VeChainThor to technical features on the platform.
The VerifyCar application that was unveiled during the summit will allow storing of each car’s data on the BMW Digital Ledger build using the VeChainThor blockchain. This application will store everything that happens to the car starting from repairs, sales and trips in the blockchain.
This is better than the current situation where different interested parties such as insurance, repair, banks and BMW itself interact with the car and store their data about the car in individual databases, where it is difficult to verify the truth. With VerifyCar all the data will be stored in an immutable ledger where every party can access information about the car that they can trust. BMW has successfully tested the product and is determining how it will roll it out; because blockchain is still a sensitive topic in Germany. VeChain is continuing to roll out applications through its VeChainThor blockchain that will promote blockchain adoption for every day uses, such as its recent partnership with Deloitte.