VeChain (VET) Marks A New Partnership
VeChain has been making headlines a lot and one of the recent rumors that surrounded the project included Ripple as well.
Back in July, we were addressing the fact that Ripple and VeChain have been two successful projects along the way, and they have been gaining increased interest from crypto enthusiasts.
There were some rumors floating around claiming that these two might consider teaming up.
In a previous article, we addressed the fact that the online publication Crypto News Flash mentioned a rumor that came up in the crypto community these days.
The note that this rumor probably flew under the radar for many, but at the same time it could definitely be exciting for many crypto fans if it turns out to be accurate: a possible partnership between VeChain and Ripple.
SBI Holdings is getting into the #VeChain space. Traceability as a service. Building a supply chain platform for agricultural products utilizing blockchain/distributed ledger technology. https://t.co/bnmYVRNgKb
— CryptoEri (@sentosumosaba) July 3, 2020
VeChain announced a new partnership
It’s been just revealed that VeChain is teaming up with German carmaker BMW in order to develop an auto security platform that keeps vehicles free from forgery.
It’s also worth noting the fact that the two firms are planning to roll out the blockchain-based decentralized application (dApp) VerifyCar.
This would collect vehicle data such as mileage, repairs, and additional services, according to the reports coming from the online publication the Daily Hodl.
“The dApp will run on the VeChainThor blockchain which would keep the data secure and untampered,” the online publication mentioned above notes.
It’s also worth noting the fact that BMW highlighted that users of VerifyCar have increased 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.” People can easily learn whether the data is authentic.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.