VeChain - the public Blockchain platform - has decided to develop an automotive security platform in cooperation with the German car manufacturer BMW to make vehicle data more forgery-proof.
The already existing partnership between automotive giant BMW and VeChain reaches a new high. After the successful completion of the BMW program, known as Start-up Garage, VeChain seems to continue its partnership with the automotive giant, the entrepreneur magazine Fuchsbriefe reported.
An app based on the Blockchain technology
The new app, VerifyCar, will be a decentralized application built on the VeChain Blockchain. Once the new car security platform is installed, VeChain says it will be able to collect important data such as mileage, repairs, and additional services of a vehicle. This data will then be automatically uploaded to the Blockchain in encrypted form. The app thus functions like a distributed "digital passport" that cannot be manipulated.
In addition, the new app will be based on the VeChainThor Blockchain, which, according to the company, is characterized by a high degree of security and data protection. To activate the app, BMW has announced that the collected data will be controlled by the owners of the vehicle themselves.
Complete control over data exchange
If users decide to register for the app, they have the unlimited right to determine to whom what information is made available. What is effectively stored in the public Blockchain is a reference of the data as a "digital fingerprint". This can then be used to verify the authenticity. The unique data itself therefore remains in the owner's vehicle and cannot be accessed by everyone.
An important aspect pointed out by German car manufacturers is the storage of driving performance on their platform. This is supposed to always be done in real time. In order to store the data, BMW has, according to their own statements, built hardware that collects the data and automatically sends it to the VeChain Blockchain as a reference. This data, such as repair details and mileage, can for example be shown to a mechanic in the workshop or to an intended buyer.
Fraud becomes almost impossible
Mileage fraud is a widespread problem. The IT manager of the BMW Group Singapore Cihan Albay explained at the "VeChain Summit" last year that every third used car sold in Germany had a manipulated mileage counter. According to him, the average impact on the price of a vehicle is 3,000 euros, and the total annual damage amounts to 6 billion euros.
The VerifyCar App wants to solve this exact problem. Through the app, the car owner is able to prove in a verified way to what extent the vehicle was used. The VeChain Blockchain verifies the data accordingly and proves its authenticity. Fraudsters are thus easily exposed and can no longer manipulate the vehicle parts at will.
