BMW and VeChain to launch blockchain app to protect car owners

German automaker BMW, in partnership with VeChain, will create a blockchain platform to protect its products from counterfeiting. This is reported by local publication Fuchsbriefe.

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The companies will release a decentralized application VerifyCar on the VeChainThor blockchain. It will collect vehicle data, including mileage, repairs and additional service records.

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The app is designed to protect users from unscrupulous sellers who resort to deception to inflate prices. According to BMW, this practice costs an average of about €3,000 for each car sold.

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Data will be controlled by the vehicle owners.

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“The user decides for themselves which data to disclose, whether to a workshop or a potential buyer. If the information matches the data on the blockchain, the recipient will have no doubt about its authenticity,” the statement said.

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Mileage data are collected in real time using BMW equipment, after which it is transmitted to the blockchain immediately. The company noted that this eliminates any attempts to \”pad\” the odometer.

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Earlier, BMW, among the world’s five leading automakers, announced its intention to test a payment blockchain platform for vehicles.

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