VeChain News Today – Headlines for September 24

  • VeChain has presented VerifyCar at BMW Group’s ‘Digital Innovation Day’
  • The Blockchain firm participated in BMW Group “Digital Innovation Day”.
  • VerifyCar will work with other automotive apps

VeChain News Today – VeChain has continued to make strides in the development scene. The network has entered many partnerships recently which has ensured more adoption for its technology. VeChain recently participated in BMW Group’s Digital Innovation Day. The event which took place online covered many topics including robotics, AI (artificial intelligence), and Blockchain technology.

Participating in the event gave VeChain the chance to present its experience in the application of Blockchain technology in the automotive sector. VeChain showed the benefits of their cooperation with BMW, by rolling out the dApp (decentralized application) VerifyCar. VerifyCar is based on VeChainThor.

BMW Created a Digital identity for Cars with VeChain’s Technology

VerifyCar is a vehicle passport that allows users to access the complete information of the vehicle in a more reliable and secure way. The data is tamper-proof when stored on VeChainThor. The app was reportedly announced in 2019. BMW’s use cases for the app include protecting product data. This can be done by creating one source of attack-resistant storage. It can also enable data sharing with insurers, repair shops, and parking lots.

According to the report, the VerifyCar presentation was made by the Chief Commercial Officer at VeChain, Qian Chengcheng. During the presentation of the car, Chengcheng stressed that VerifyCar will offer each automotive unit a “digital identification card which will be based on VeChainThor. As stated above, the app will record the ownership history, insurance history, mileage, maintenance history, and “other key data relating to each unit. Regarding this the report stressed:

The data put into the chain-only Blockchain can’t be tampered with, thus eliminating second-hand car transactions to safeguard the interests and rights of the owner.”

VerifyCar Will Work in Line With Previous Blockchain Apps for the Automotive Sector

The dApp (decentralized application) creates by VeChain will reportedly work inline with other Blockchain-based apps in the automotive sector. This will allow external services to operate with the digital identity of the units. It will also create shared ownership for the automobile, transfer data to users, and allow firms to create “data collaboration models (using smart contracts to control the carbon emission of units and cut it down), based on an external entity. In connection with VeChain and BMW’s collaboration, both firms will bring the data types and their sources to one Blockchain.

This will ensure the optimization of the supply chain in the automotive sector. It will also improve the environmental impact: Hence cooperation is based on custom tools and standardized templates to provide automotive firms with business-appropriate, efficient, and low-cost, Blockchain solutions. The goal is to help automotive brands like accelerating their digital innovation.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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