VeChain, which in the middle of its VeChain Summit 2019 in San Francisco, has showcased the next step in their partnership with automobile manufacturing giant BMW – a new service called VerifyCar on the VeChainThor Network.
The VerifyCar application addresses the issue of mileage fraud, which according to the presentation is present in one-third of vehicles in Germany. VerifyCar is a digital passport that allows users to monitor their odometer and maintenance history.
Cihan Albay, Lead IT Tech Office of BMW’s Singapore office, presented on stage the new service that has been created by BMW’s research team. He said of the collaboration with VeChain,
VeChain has successfully gone through the BMW Startup Garage program and BMW is still working with VeChain on a client based relationship.
VeChain and BMW announced their partnership last year, and as a part of the BMW Startup Garage, the two have been working together to build blockchain-based apps.
Previously, the Shanghai-based project had revealed that “Big Four” professional services services firm Deloitte would migrate to Vechain’s blockchain from the Ethereum blockchain, making it the second big four firm to use VeChain – the other being PricewaterhouseCoopers.
Blockchain Shows the Automobile Industry Its Potential
Blockchain’s applications in the automobile industry is quite well known, and efforts in the space have picked up considerably over the past year or so. IOTA, which is building its own decentralized solution for the Internet of Things, among other things, is part of the Mobility Open Blockchain Initiative (MOBI) coalition with automobile giants such as Renault, Ford, BMW and others in a bid to encourage solutions and boost adoption. IOTA is also launching the Digital CarPass initiative with Volkswagen.
VeChain itself has had an excellent start to 2019, forging several partnerships and revealing the ToolChain for businesses, the latter of which they claim allows businesses to create solutions in under 30 minutes.