Rajarshi Mitra
Independent Analyst
- Vechain has partnered with BMW to develop a platform that will keep vehicles free from forgery.
- The partnership will launch a blockchain-powered app dubbed VerifyCar.
- BMW noted that data pertaining to mileage will be collected in real-time and stored on VeChain.
Vechain has recently partnered with BMW to develop an auto security platform, which will keep vehicles free from forgery. The partnership will launch a blockchain-powered app (dApp) dubbed “VerifyCar” to collect vehicle data such as mileage, repairs and additional services. The dApp will run on the VeChainThor blockchain and will keep the data secure and untampered.
BMW noted that VerifyCar users will have more control over the collected data.
By accessing the app, the user decides who he would like to pass on which data, e.g. a workshop or a potential buyer. The recipients can compare the data with the ‘digital fingerprints’ or reference stamps on the VeChain blockchain. If clear data and the reference on the blockchain match, the recipient knows that the data is authentic.
BMW also noted that data pertaining to aspects like mileage will be collected in real-time and stored on VeChain with the help of the automobile company's hardware.
The automobile giants added that car owners who try to modify a vehicle's mileage will get exposed as local data would not match the information saved on the blockchain. VerifyCar will also protect users from sellers who deliberately manipulate data related to mileage and other factors to get a better price.
VET/USD daily chart
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VET/USD bulls have retained control of the market for the second straight day as the price kept trending in an upwards channel formation. The price has risen from $0.01712 to $0.0174. Despite this bullish price action, the SMA 50 has crossed over the SMA 20, to chart a bearish cross pattern. The MACD shows decreasing market momentum, while the Elliott Oscillator has had three consecutive bullish sessions.
VET/USD has strong resistance levels at $0.018 (SMA 20 and SMA 50), $0.192 and $0.0204. On the downside, we have two healthy support levels at $0.017 and $0.0163.
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