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VeChain feat. BMW: A passport for cars

the the usefulness of The Blockchain technology, in the meantime, made no serious voice in question. In recent years, the conservation of an increasing number

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VeChain feat. BMW: A passport for cars
the the usefulness of The Blockchain technology, in the meantime, made no serious voice in question. In recent years, the conservation of an increasing number of applications shot up from the ground. In the course of the Internet of Things (IoT) has been developed by BMW, together with VeChain a concept called "Verify Car". A Vehicle Digital Passport, with a passport for cars, corporate fraud, Tachometer, and more prevention.

Max Halder
24. April 2019 BTC$5,456 thousand,00 -1.92% part Facebook Twitter LinkedIn xing mail

in Germany, a car maker nation. Less than five percent of the gross domestic product go back to the automotive industry, approximately one percent of all German work. Add to that the huge used car market, which makes viewing difficult. The majority of on the streets of Germany around driving new cars are leased. Within one to two years, this land as a year-old car on the used car market. Actually, the second should be glad the buyer about it, after all, he saves already after one year, about 25 percent of the purchase price. Used car dealers and private car sellers know, however, that you can counteract the loss in value due to a Manipulation of the speedometer object. By the end of 2017, the IOTA Foundation has taken this Problem into the eye. On the VeChain Summit on 18. April was introduced to a similar project from the Team behind VeChain.

Why All this?

In a ten minute presentation by the head of the IT-Department of the BMW branch office in Singapore, Cihan Albay, in cooperation with VeChain. He captures the problem in a nutshell: It takes about 15 minutes to manipulate the speedometer. 33 percent of all cars in Germany were affected. On average, a damage of € 3,000 arising. Overall, the damage amounts to six billion Euro per year. The one to suffer is the consumer. And Checking whether a possible Manipulation was very time intensive. As far as the Use Case.

Practical implementation

Under the Motto "Verify Car" works BMW along with VeChain on the so-called Vehicle Digital Passport, a badge for the cars. So you want to ensure more transparency in the history of a car. So cars are supposed to be in the future with Sim card fitted, which automatically transmit data to the VeChain-Blockchain. Similar to a tachograph in Trucks should be the mileage automatically sent to. Any air filter or battery change, every accident, and, finally, each service should be saved, so the Vision, by means of DLT. Each party has to do with a car that is to be released on her own fragmentary Knowledge is limited, you can rely in the future on a full database. To Cihan Albay:

Each party in the Ecosystem [workshop, insurance, Bank, etc.] has its own database. For example, you have an accident, the insurance company will be the first to know. BMW would also like as much information about it as possible [...]. There are so many databases that a part of the Whole knowledge. However, there is no consistent source of truth.

On the shoulders of IOTA

However, this project is not entirely new. The IOTA Foundation has presented in the framework of the Mobility Open Blockchain Initiative (MOBI) some time ago the CarPass. It is not yet clear when this collaboration with VW starts – according to rumors it's supposed to be in the spring of 2019 to the extent that, so soon. In addition to Volkswagen, Renault and Ford in the MOBI are also.

VeChain sidekick of the economic giants

VeChains interest in working with the sizes of the economy, however, is also in the collaboration with DB Schenker and the two auditing firms Deloitte and PWC. So then soon, two of the "Big Four could work" with the Shanghai-based VeChain-Blockchain. The economic signs are not bad for VeChain.

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