The German automaker Bayerische Motoren Werke AG (BMW) will enter into a partnership with VeChain, a blockchain focused company, to develop a distributed ledger tool to protect BMW's products from counterfeiting.
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According to German investor magazine Fuchsbriefe, the VerifyCar decentralized application (dApp) will be launched on the VeChainThor blockchain.
The dApp will store data about the vehicle, including mileage, repairs and additional services. It is expected that the application could protect users from unscrupulous sellers.
BMW says drivers will decide on their own what data and to whom to disclose, whether it is a workshop or a potential buyer.
"If the information matches the data in the blockchain, the recipient will have no doubts about their authenticity," a BMW's representative said.
Mileage data is collected in real time using BMW equipment and then transferred to the blockchain network. The both companies noted the app excludes any attempts to "tweak" the vehicle's mileage.
In October 2019, BMW, General Motors, Ford, Renault and Honda announced testing of a vehicle blockchain-based identification system that could allow drivers to pay for parking or travel without using cash or credit cards.
Back then, the global automakers had jointly developed a vehicle identification system for use in the United States through the international Mobility Open Blockchain Initiative consortium.
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