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Breaking: BMW uses the VeChain Public Blockchain for dApp “VerifyCar”

BMW uses the VeChain Public Blockchain for dApp “VerifyCar”

In AutomotiveIT Magazine, which among other things reports on IT trends in the automotive industry, a very interesting article was published in the latest issue for all fans of blockchain technology – and especially for the community of the crypto-currency VeChain.
According to the report, which is based on forecasts by Simon-Kucher & Partners, the market volume for the blockchain in the auto industry is expected to reach 104 billion euros by 2030. Part of this will fall on the category of dApps, so-called distributed applications. Not only smartphones and computers collect data, but also cars store more and more information and process it further. But on the used car market, there is a big problem: manipulated mileage.
With the help of the VeChain Public Blockchain and the dApp “VerifyCar” from BMW this problem should be solved. Vehicle owners can use the collaboration of BMW and VeChain to transfer important information such as mileage or service and repair history verified and validated via the blockchain. Manipulated mileage should cause an annual damage of 6 billion euros:
“Mileage manipulation is an enormous problem: According to an ADAC study, every third used vehicle sold in Germany drives with a manipulated speedometer and the annual damage amounts to more than six billion euros,” says Cihan Albay, head of the BMW Group IT Tech Office in Singapore, opposite AutomotiveIT. In the long run, this leads to a loss of customer confidence, which is to be maintained using blockchain technology.
The VerifyCar dApp would record not only the mileage, but also all other activities of the vehicle and store it on the VeChain Public Blockchain VeChain Thor. In the future, customers of the BMW Group should be able to assign an individual QR code for each car. This is linked to the respective car and can be scanned to obtain necessary information such as the mileage. Even though everything has already been technically tested, it is not yet clear when the application will be ready for production.

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South Korea Tightens Grip, But Won’t Ban Bitcoin Trading

It was only a matter of time until authorities pulled the reins in on one of the biggest crypto trading nations in the world. South Korea, which is responsible for as much as 25% of total crypto trading volume, said on Thursday it will impose additional measures to regulate speculation in crypto within the country.

South Korea Will Ban Anonymous Crypto Trading

As previously reported that more regulations are expected, South Korean regulators have confirmed additional measures to curb illegal activities at cryptocurrency exchanges. According to Reuters, the government noted that trading prices of most digital currencies were much higher on South Korean exchanges than they were on exchanges in other countries.

A government spokesperson made the following statement:

The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility.

The first steps will include a ban on opening anonymous crypto trading accounts. Most exchanges require photographic proof of identity anyway, so this regulation is nothing to be concerned about.

Secondly, however, is a more alarming plan to introduce new legislation which will allow regulators to close virtual coin exchanges if required. This measure had been recommended by the justice ministry, according to the statement.

Previously, South Korea had announced a plan to tax capital gains from cryptocurrency trading to tackle what it perceives as the risk of excessive speculation.

Banks Backing Off

As expected, earlier this week, two major banks in South Korea announced that they are closing reward programs, which allow clients to purchase bitcoins with credit card bonus points.

Commercial banks in the country are increasingly preventing the opening of new virtual accounts, which are necessary to trade on South Korean crypto exchanges.

South Korea Bans Bitcoin Futures As Authorities Consider Crypto Income Tax

In addition to Shinhan Bank and KB Kookmin Bank closing rewards programs next month, Woori Bank and Korea Development Bank also announced that they would be closing all virtual accounts provided to exchanges.

It is no surprise that banks in South Korea and elsewhere are pulling back from crypto; the concept essentially goes against their business model. Unfortunately, in this embryonic industry, traders still need to rely on exchanges, many of which, such as Coinbase, have adopted banking-style models of fees and commissions. Only when crypto trading is truly decentralized and peer-to-peer will the masses start to benefit more than the banks and exchanges.

Will the Korean clampdown affect the markets? Add your thoughts to the comments below.

Images courtesy of Pixabay, PublicDomainPictures, and Bitcoinist archives.

The post South Korea Tightens Grip, But Won’t Ban Bitcoin Trading appeared first on Bitcoinist.com.

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