Partnerships are very important in the crypto space. When a crypto company deals with another big company, excited investors buy more of that coin and thus the price increases. Finally, VeChain announced a cooperation agreement with BMW.
VeChain gains 5 percent
Joining forces with BMW, VeChain’s local token VET has gained close to 5 percent in the last 24 hours. However, it should be noted that the partnership is not about the cryptocurrency space, but the blockchain technology. The product to be created as a result of the agreement is called VerifyCar.
Fraudulent selling is impossible with VerifyCar
In the agreement, which aims to bring transparency especially to used vehicle sales, the data is provided to pass through some kind of approval mechanism. It will no longer be possible to change equipment such as the odometer.
The data saved on the VerifyCar blockchain can be compared with the numbers displayed by the car’s digital display during vehicle sale. That way it will be impossible to cheat.
Users have control over all data
The idea of storing user data and saving it in a database can sound dangerous. Many big data companies today are willing to pay millions of dollars for this type of data. That’s why the VerifyCar project seems to have scared some users already.
However, we must express that these fears are not very logical. VerifyCar is created using 100% decentralized and blockchain technology. This means users will have absolute control over all their data and will decide for themselves what data is shared. In this way, data security will be fully ensured.
In the statement made by BMW, it was stated that the frauds made on the odometer caused great damage to the buyers. Such changes can lead to price differences of up to 3,000 euros on average. Drivers who buy a new car may never realize that they are buying cars that have driven hundreds of thousands of kilometers.