BMW will release a blockchain application to protect customers from counterfeiting

The distributed ledger-based platform will be developed in conjunction with the VeChain project.Applicationcollects information about the car: mileage, repairs and additional services.

Carmaker BMW will partner with VeChain to createblockchain platform to protect customers from counterfeiting. The VerifyCar decentralized application will be powered by the VeChainThor network. It will contain information about the car, including mileage, repairs and additional services, writes Fuchsbriefe.

The application is designed to protect customers of Germancompanies from unscrupulous sellers who resort to deception in order to inflate the value of the car. The company said in a statement that it will be possible to verify the authenticity of the data by verifying it with the information specified in the blockchain.

Mileage information will be collected in the modereal time using BMW equipment. After that, they will be immediately transferred to the blockchain. The company stressed that this excludes any attempts to "twist" the car's mileage.

Last summer it became known that the GermanAuto concern Daimler AG, which owns the Mercedes-Benz brand, will release a blockchain-based cryptocurrency hardware wallet. Also in development are identifiers that will be able to receive and evaluate information about the car and the environment.

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