VeChain And BMW’s ‘VerifyCar’ Project Gets New Details Unveiled (2022)

The VeChain and BMW partnership has been a hot one in the coming altcoin news and one to highlight for the VET cryptocurrency. An article published a few weeks ago highlights the link between VeChain and BMW’s partnership and more details on the VerifyCar solution to track fraud and manipulation of secondhand cars.

As we can see, the partnership between the automotive giant and VeChain has born fruit so far and continues to do so. After completing the BMW program known as the Startup Garage, VeChain appears to be expanding its relationship with the automotive giant.

VeChain And BMW Unveiled The VerifyCar System Back in 2019

First unveiled in April 2019, the link between VeChain and BMW’s VerifyCar system lies in the ability of the cryptocurrency to bring transparency to the model and track potential fraud. Based on the VeChainThor blockchain, the solution introduces decentralized apps in a whole new manner.

From last year’s announcement, we can see that VerifyCar is designed as a way to connect important vehicle data to each vehicle in a tamper-proof manner via the VeChainThor blockchain. The former announcement shows that the focus is on protection against manipulation of mileage, repairs (workshop book) as well as rights to services purchased in addition to the car (such as navigation maps, concierge services, etc.).

A recent post on Reddit by one user shows more details on the project. The user intended to search for updates of the project in the VeChain news, which is best seen in one article that he found. Published in July on one German website, the article highlights the project’s progress and clarifies that BMW will not store any of the unique data collected from the vehicle in the VeChain public blockchain. Instead, the blockchain will be used to create a “fingerprint” that verifies the authenticity of data while all data will remain in the owner’s vehicle.

“BMW will not save any clear data about its cars on the public VeChain. The group only wants to reference this via a “digital fingerprint”. The clear data stays with the user in the car. By accessing the app, the user decides who he would like to pass on which data, e.g. a workshop or a potential buyer.

The recipients can compare the data with the “digital fingerprints” or reference stamps on the VeChain blockchain. If clear data and the reference on the blockchain match, the recipient knows that the data is authentic.”

According to BMW, manipulating vehicle data in Germany alone costs around 3,000 EUR per unit sold.

VerifyCar By VeChain Is BMW’s Unique Car Security Platform

For those of you who still don’t understand the concept of VerifyCar which is the BMW VeChain partnership project, it is basically a decentralized app that collects important data such as mileage, repairs, and additional services of a specific vehicle. The data is then automatically uploaded to the blockchain in an encrypted form, functioning like a distributed “digital passport” which cannot be manipulated in any given way.

In addition to this, the app is based on the VeChainThor blockchain, which is characterized by a high degree of security and data protection. That is why BMW is forcing the data to be collected by the owners of the vehicles, but will still be reliant on the VeChain technology.

Recent Updates On the VeChain BMW Partnership (2022)

The German automaker Bayerische Motoren Werke AG (BMW) originally entered a partnership with VeChain to benefit from the blockchain and develop a distributed ledger tool to protect the products from counterfeiting. As the German investor magazine Fuchsbriefe stated, the VerifyCar decentralized app (dApp) was launched on the VeChainThor blockchain.

While in the beginning of this relationship, we could see a lot of FUD and misinformation surrounding the basis of partnership between BMW and VeChain, it’s true that both brands work together now – what started as work on the BMW StartUp Garage program led to progress in the VerifyCar app, alongside a number of other innovations. BMW is relying on VeChain to track and use blockchain technology for the purpose of storing data, certificates of ownership, and storage of information. All of that is burning VTHO along the way.

the recognition of BMW has certainly helped VeChain in the crypto waters. The big name auto manufacturer also benefited from this partnership, and is looking forward to achieving new milestones. There will certainly be an interesting update in 2022, if not 2023, on this partnership and the work done to help both brands.

Another Big Name In The (Even Bigger) List Of VeChain Partners

BMW is not the first big name in the list of VeChain partners. The blockchain project has so far partnered with many names, including the Bayer Group in Germany, UFC, DNV Global, PwC, NRCC, BitOcean, Kuehne & Nagel, DB Schenker, Renault, Logsafer, and many other companies. The full list can be seen in this VeChain partnership directory.