Altcoin News: BMW Will Discuss the Introduction of the Blockchain in the Automotive Industry at the Event

February 15, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

BMW became interested in the blockchain last year, in particular, the use of technology to protect customer data used on their cars.

Today, it launches the Mobility Open Blockchain initiative, which will bring together members of a consortium founded by the BMW Group, as well as representatives of well-known technology companies from around the world, start-ups and blockchain experts at the BMW Group IT center in Munich.

The main goal of the two-day event is to exchange knowledge and experience, as well as discuss and promote common standards for the use of blockchain technology.

“The hype surrounding blockchain has died down, and it is even met with occasional skepticism now. We are convinced, however, that blockchains represent a real opportunity and will eventually break up the established, centralized market by making it possible to create more decentralized platforms and so give consumers more control over their data,” explained Andre Luckow, who heads the department responsible for blockchain and distributed ledger technologies at the BMW Group.

In 2018, BMW tested a concept that demonstrated how customers can use VerifyCar to track their car’s mileage, verify its authenticity, and share this data with third parties through the blockchain.

The BMW Group also intends to use the blockchain to track the origin of individual parts and components through its partners — this principle was successfully tested by the BMW Group as an additional proof of the concept, after which a pilot project was launched at the Spartanburg plant (USA) to study a multi-level international supply chain.

The project will be ready by the end of 2019. According to the developers, it will contribute to a wider implementation of the blockchain in the procurement network and suppliers of the BMW Group.

The ultimate goal of the project is the joint development of an open, independent platform that would allow the use of blockchains across the industry. To this end, it is necessary to establish and introduce standards, which the participants in the event in Munich are called upon to do.

Author: Marko Vidrih


Follow us on Twitter, InvestFeed, Facebook, Instagram, LinkedIn, and join our Discord and Telegram.

Read about our upcoming Altcoin Magazine Mastermind Event here.