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carVertical Joins Hands With BMW for Blockchain Initiative

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It seems that after the financial sector, blockchain is slowly making its way over to the transportation industry.

It has not been long since A. P. Moller-Maersk and IBM announced their joint venture to use blockchain for the shipping industry that is set to debut in a few months, which was followed by transportation giant GE Transportation making the decision to join the Blockchain in Transportation Alliance (BiTA).

Adding to the growing list of such projects and initiatives, carVertical, a blockchain based car registry, and BMW Group, a renowned automobile manufacturer of brands such as its eponymous BMW and Rolls Royce, have partnered to execute a one of its kind blockchain based project that centers on automobiles.

carvertical plans to use live data from bmw cars for blockchain registry

carVertical is already based on the functionalities of gathering automobile data not only from central registry information, but also through other historical statistics such as a car’s insurance, leasing, as well as information pertaining to law enforcement databases.

By incorporating all of this information into a single registry and having it available on the blockchain, carVertical ensures that all the information and data which a pertinent entity might require about a car is available through one single, transparent, and secure platform, so that the data is not just immutable and tamperproof, but that all required information is readily available in order to save time that is currently wasted on going from one information resource to the other repeatedly.

By these functionalities, carVertical aims to help marketplaces, interested buyers and sellers of vehicles, and database institutions in order  to streamline related processes for all of them.

Leveraging these features, carVertical now plans to take the platform one step further, and use live data generated from connected cars of the utmost technological capabilities to include it in its already comprehensive car registry.

Through this functionality, the vehicles in question would not only have information from centralized sources gathered in one place, but data directly generated by the automobile on factors such as speed, location, and safety information would be automatically registered on the blockchain.

This would ensure that participating users and their vehicles remain up to date on the blockchain based platform – or in simpler terms, remain “synced” with it, just how a mobile device such as a cellphone or tablet does with its Cloud storage platform to ensure that all information is according to the latest developments.

The BMW Group, with its impressive offering of over 8 million automobiles that are capable of not just generating such data on their own but also transmitting it to relevant parties, is going to utilize carVertical’s blockchain platform to pilot how this particular functionality of maintaining a car’s information would benefit its users and its own overall processes.

If successful, this project would open doors to more technological advances in the automobile industry, because if connected cars are generating data in real time, then it could actually work towards preventing car theft, reporting neutral information about accidents along with providing other use cases for similar crimes and incidents.

Further details about the project, such as its hard launch date, are expected to be released overtime.

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