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- VeChain was invited to participate in BMW Group’s “Digital Innovation Day”.
- VeChain presented VerifyCar which will work with other applications developed for the automotive industry.
According to a local Chinese media report, VeChain participated in the BMW Group’s “Digital Innovation Day”, which recently took place online and covered topics such as robotics, artificial intelligence and blockchain. This gave VeChain the opportunity to present its experience in applying blockchain technology to the automotive industry. Concretely VeChain showed the result of their cooperation with BMW, the decentralized application “VerifyCar”, which is based on the VeChainThor blockchain. Regarding BMW’s innovative step towards blockchain technology, the Chinese report states:
In the field of automotive technology innovation, the BMW Group has opened up new ways in vehicle intelligent interconnection and digital mobility services, and is committed to continuing to innovate and deepen. Under the new wave of digitalization, the high-end manufacturing industry represented by automobiles is facing unique challenges, and it also provides opportunities for it to enter the blockchain technology.
“VerifyCar” is designed to be a “vehicle passport” that will allow users to access their complete vehicle information in a reliable and secure manner. Furthermore, when stored on the VeChainThor blockchain, the data is tamper-proof. The application was announced in 2019 and BMW‘s use cases include protecting product information by creating a single source of attack-resistant storage, enabling data sharing with insurers, parking lots, and repair shops.
BMW has created a digital identity for cars with VeChain
The presentation of VerifyCar was made by VeChain’s Chief Commercial Officer, Qian Chengcheng, according to the report. During the presentation, Chengcheng pointed out that VerifyCar will provide each automotive unit with a “digital identification card” based on the VeChainThor blockchain. As mentioned above, this will record the unit’s ownership history, mileage, maintenance history, insurance history and “other key information”. In this regard, the report explained:
(…) all data uploaded to the chain-only blockchain platform can not be tampered with, thereby eliminating the second-hand car transactions in the information barriers, to safeguard the true rights and interests of the owner.
The decentralized application developed by VeChain will work in conjunction with other blockchain applications “developed for the automotive industry”. This way, external services will be able to operate with the digital identity of the units and create shared ownership for a car, transfer data to other users, allow companies to create “data collaboration models” through smart contracts to monitor the carbon emission of each unit and reduce it, in conjunction with an external entity.
In connection with the VeChain/BMW collaboration, Chengcheng said that both companies will unify the “data” types and their sources under a sole blockchain. The result will open the way for the optimization of the automotive supply chain and improve the environmental impact among other benefits:
(…) cooperation based on standardized templates and custom tools to provide automotive companies with low-cost, efficient and business-appropriate blockchain solutions to help automotive brands, including BMW, accelerate their digital innovation.
