carVertical, an innovative vehicle information ICO, has announced today in a PR statement that they will partner with BMW to start implementing its blockchain-based application. This ICO launched December 26th of the last year. It reached its hard cap of 15,050 Ethereum, and closed successfully January 15th.
carVertical is a blockchain-based solution that gathers information about cars’ history from different sources like centralized country registries, police and Interpol databases, insurance, leasing, claims handling service, databases and puts it into blockchain registry. This with the objective to maintain a live, unalterable and clear registry of every car that’s going to be sold or bought.
Now, with the partnership established with BMW, adding live data reads to the blockchain will be possible, making possible to check odometer readings and fuel economy on the fly, without even having the car in sight. The cars using this technology must have a SIM card embedded to communicate with the carVertical networks; most new cars already come with Sim cards for internet and positioning purposes.
This is great for the preowned and used vehicle market. In the future, buying a pre-owned car should be effortless. carVertical expects this tech to be implemented by most manufacturers in the year 2022. The company’s business model also includes a franchise of certified workshops and the development of a public API capable of accessing their records. Maybe, in the future, with this tech implemented, odometer fraud will finally be a thing of the past.