BMW uses VeChain public blockchain for dApp “VerifyCar”

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While the last extreme rise in the crypto market in 2017 was based on hype, the next all-time highs are to be achieved through the mass adaptation of blockchain technology and cryptocurrencies. The participation of large international companies will be one of the most important factors. An article has now appeared in the "AutomotiveIT" magazine, which confirms that BMW, one of the largest automobile manufacturers in the world, should use blockchain technology for one of their dApps.

BMW dApp based on the VeChain Thor blockchain

Im AutomotiveIT magazine, which reports, among other things, on IT trends in the automotive industry, appeared in the latest edition as a very interesting article for all fans of blockchain technology - and especially for the cryptocurrency community VeChain.

According to the report, which relies on forecasts by Simon-Kucher & Partners, this should be Market volume für die Blockchain in the auto industry up to 2030 to 104 billion euros amount to. Part of it is in the category of dApps, so-called decentralized applications. Not only smartphones and computers collect data, cars are also storing and processing more and more information. But there is a big problem on the used car market: manipulated mileage.

With the VeChain Public Blockchain and the dApp "VerifyCar" BMW is to solve this problem. Thanks to the collaboration between BMW and VeChain, vehicle owners can use the blockchain to verify and validate important information such as the mileage or the service and repair history. Manipulated mileage are said to be an annual Schaden by 6 billion euros cause:

"Manipulation of the mileage is an enormous problem: According to an ADAC study, every third used vehicle sold in Germany drives through the area with a manipulated speedometer. The annual damage is more than six billion euros.Cihan Albay, head of the BMW Group IT Tech Office in Singapore, told AutomotiveIT. In the long run, this leads to a Loss of trust of customers what should be kept using blockchain technology.

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The VerifyCar dApp would not only record the mileage, but also all other vehicle activities and save it on the VeChain public blockchain VeChain Thor. Customers of the BMW Group should in future have the option of one for each car individual QR code to forgive. This is linked to the respective car and can be scanned to obtain necessary information such as the mileage. Even if everything already technically tested So far it is not clear when the application Ready for series production will be.