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

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 second hand cars.

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

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’s intentions were to search for updates of the project in the VeChain news, which is best seen from one article that he found. Published in July on one German website, the article highlights the progress of the project 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” which 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, the manipulation of vehicle data in Germany alone costs around 3,000 EUR per unit sold.