In AutomotiveIT Magazine, which among other things reports on IT trends in the automotive industry, a very interesting article was published in the latest issue for all fans of blockchain technology – and especially for the community of the crypto-currency VeChain.
According to the report, which is based on forecasts by Simon-Kucher & Partners, the market volume for the blockchain in the auto industry is expected to reach 104 billion euros by 2030. Part of this will fall on the category of dApps, so-called distributed applications. Not only smartphones and computers collect data, but also cars store more and more information and process it further. But on the used car market, there is a big problem: manipulated mileage.
With the help of the VeChain Public Blockchain and the dApp “VerifyCar” from BMW this problem should be solved. Vehicle owners can use the collaboration of BMW and VeChain to transfer important information such as mileage or service and repair history verified and validated via the blockchain. Manipulated mileage should cause an annual damage of 6 billion euros:
“Mileage manipulation is an enormous problem: According to an ADAC study, every third used vehicle sold in Germany drives with a manipulated speedometer and the annual damage amounts to more than six billion euros,” says Cihan Albay, head of the BMW Group IT Tech Office in Singapore, opposite AutomotiveIT. In the long run, this leads to a loss of customer confidence, which is to be maintained using blockchain technology.
The VerifyCar dApp would record not only the mileage, but also all other activities of the vehicle and store it on the VeChain Public Blockchain VeChain Thor. In the future, customers of the BMW Group should be able to assign an individual QR code for each car. This is linked to the respective car and can be scanned to obtain necessary information such as the mileage. Even though everything has already been technically tested, it is not yet clear when the application will be ready for production.
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