carVertical is an automotive blockchain startup that will be the first company ever to offer connected vehicle history reports. That comprises two of the following: live data streaming from connected cars, which is a hot topic nowadays, and vehicle history reports.
BMW Group was chosen as a partner for the pilot project. The Bavarian-based manufacturer has a solid base of connected vehicles already and, what is more important, is able to provide the infrastructure for efficient data exchange.
Car vertical wants to help Vehicles tell their own stories
The case is revolutionary in terms of data origin. carVertical vehicle history report, which traditionally would be comprised of data from state registries, workshops or insurance companies, now will be enriched with data coming straight from the vehicle. So, for example, there will be a possibility to get a proof of current odometer readings even without actually seeing the car.
The system works as follows:
The vehicle generates data, including condition data, like mileage; usage-based data, such as average fuel consumption; and event data, like an automated service call. Some of this data is transmitted exclusively, in encrypted form, as so-called telematics data via the permanently installed SIM card to secure BMW servers. From there, with the consent of the customer, carVertical can access the encrypted data needed for vehicle history reports. Data security is always a top priority.
A BMW with a built-in SIM card is needed to make the system work. Around 8.5 million BMW vehicles currently meet this requirement.
carVertical’s move is a logical step towards diving into IoT business. Besides working with OEMs, the company aims to operate its own fleet of connected cars and is one more step towards the main goal of its own – decentralization and empowering their consumers.
A few months ago, the company announced a partnership deal with GPSWOX, a provider of global GPS tracking solutions. At the moment, carVertical tech team is working on the hardware specifications for its installation units.
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