BMW will track car data via blockchain

German auto giant BMW has announced a partnership with blockchain company VeChain to design a platform for collecting vehicle information and protecting it from tampering and price manipulation.

In particular, it is planned to create an application based on distributed ledger technology, which will collect data, for example, on mileage, repair work carried out on a specific vehicle of the brand, which will significantly expand control on the part of the owner or potential buyer by checking the available information about the car with specified in the blockchain.

Thus, the user will be able to share data with persons of his choice. These can be service specialists or a potential car buyer. To ensure the transparency of the transaction, the parties will be able to compare the data with those recorded on the VeChain blockchain.