Volkswagen to Partner Blockchain-based Startup for Developing Automotive Applications

Lithuania-based company carVertical, who developed a platform for used car history reports, has been granted a ticket to the Volkswagen Future Mobility Incubator in Dresden, as the company became the winner of a manufacturer's pitch competition, says the official press release.

As the expert jury noted, carVertical convinced them with their idea of using blockchain to record vehicle histories.

CarVertical will begin work in Die Gläserne Manufaktur, Volkswagen's innovation hub in Dresden, in September 2018.

This is supposed to enhance Volkswagen's presence as the leader for future mobility applications and provide carVertical with valuable resources and expertise.

The team has reached its goal, having raised almost $20 mln during its ICO campaign in January 2018.The history records app is designed to prevent used car frauds, as stated in the carVertical blog.

The company's roadmap includes various applications centred on the decentralized vehicle history registry.

The first application is the platform of vehicle history reports, which is set to debut later in June."Our goal is to enable every car buyer around the globe to get authentic and non-faked information about the specific vehicle and to help consumers in the maintenance of their vehicles", states the carVertical website.

At the moment, carVertical tech team is working on the hardware specifications for its installation units.

CarVertical's initiative to build global and tamper-proof vehicle history registry is supported by European Union.

The company's board of advisors contains of current or previous executives of car manufacturers, cyber-security experts and blockchain professionals.