BMW discloses work with VeChain to use their blockchain

23 Apr, 2019
by Alberto Arnaldo
News
BMW discloses work with VeChain to use their blockchain

In a talk imparted by Cihan Albay, from the IT Tech Office of  the BMW Group in Singapore, some new information was shared with regards to the collaboration between the German car manufacturer and the crypto firm, which had been triggering some rumors as of late.

Albay disclosed that they have been working together for over a year now, and defined the relationship between both firms as a “client based” one. Other descriptions describe the collaboration as BMW being a venture client, where they assist Vechain while using their solutions.

Their teaming up has materialized in Verifycar, a project to fight odometer (the instrument that measures distances driven by a vehicle) tampering, which is a problem affecting one in three second hand cars in Germany.

The VeChain blockchain has been used to build a digital ledger which will store every interaction of the car, such as having an annual service or a battery replaced, thus helping in detection of odometer fraud.

BMW has taken further steps into adopting and incorporating blockchain technology on their operations, with events such as the hosting of an European Blockchain Mobility forum last February in Munich.

Reactions on Reddit have been ranging quite a bit between those excited for the news to others that tend to a more skeptical approach.

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