VeChain (VET) is collaborating with German automaker BMW to develop an automated security platform that keeps vehicles counterfeit-free.
The two companies are planning to launch the blockchain-based decentralized application (dApp) VerifyCar that will collect vehicle data such as mileage, repairs and additional services. DApp will run on the VeChainThor blockchain, which keeps data safe and intact.
VeChain (VET) Will Store Data On Blockchain Network
In addition, BMW emphasizes that VerifyCar users have greater control over the data collected as follows:
“By accessing the application, the user decides what data they want to transfer to whom (eg a service or a potential buyer). Buyers can compare data with “digital fingerprints” or reference stamps on the VeChain blockchain. If the net data and the information in the Blockchain match overlap, the buyer is sure that the data is correct. ”
The auto company also says that data such as mileage is collected in real time and stored in VeChain with the help of hardware provided by BMW. The company announced that a car owner trying to change the vehicle’s mileage would be captured as local data would not match the data saved on the blockchain.
According to BMW, VerifyCar protects consumers from vendors who deliberately manipulate vehicle data such as mileage, damage and repairs to get a better price. The automotive giant estimates that data manipulation costs an average of 3,000 Euros per vehicle sold.