VeChain partners with BMW to develop an auto security platform

Auto security platform

VeChain has announced that it has embarked on a partnership with a popular German automobile outfit, BMW to launch a new auto security platform.

The new app, VerifyCar, will be a decentralized application that will be based on blockchain technology. According to VeChain, once the new auto security platform is installed, it would be able to collect important data like repairs and a few other key details. 

Furthermore, the new app will be based on the VeChainThor blockchain which boasts of maximum security and data protection. In a bid to make the app open, BMW has announced that the data collected will be controlled by the users of the car.

Users have 100% control over whom they share data with

BMW states: 

If a user decides to log on to the app, he has the total right to determine whom he wants to share some certain information. For example, he might want to show the repair details to a mechanic at the workshop or the mileage to an intending buyer.

To make sure the details are real, BMW further said the users would be able to cross-check the data in the auto security platform with those that are on the reference on the VeChain blockchain. At the end of the day, If both information is the same, then the recipient would know it is correct.

New auto security platform checks data manipulation in cars

Another aspect pointed out by the German carmakers is the storage of mileage on the auto security platform, which is claimed to always happen in real-time. To store the data, BMW said they have built hardware that would collect the data and send it to the VeChain blockchain. 

Meanwhile, the company is warned that customers who try to tamper with the mileage on their apps would be exposed when they check the reference on the blockchain. BMW notes that this is one of the importance of the VerifyCar app as it checks data manipulation in cars at the point of sales in a bid to make the buyer part with more money.

[wp-faq-schema title="FAQs" accordion=1]
Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

Related News

Hot Stories

Can the Web3 market hit $80 billion by 2030?
Solana price analysis: SOL declines in value to $33.7 after strong bearish trend
Contentos Vietnamese blockchain community launches NFT collection with the support of Contentos Foundation
NEO Price Prediction 2022-2031: Is it Good to Invest in NEO now?
HBAR Price Prediction 2022-2031: Hedera Hashgraph Soon to Retest its ATH?

Follow Us

Industry News

Can the Web3 market hit $80 billion by 2030?
NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
US Job openings fall by 6.2% - What does this mean for the crypto market?
Here are all the Three Arrows Capital NFT collection details on the verge of liquidation
Did authorities freeze Do Kwon's assets?