Leading German car maker Volkswagen has chosen Lithuania-based blockchain start-up carVertical to come up with a blockchain-based idea of taping vehicle histories. carVertical will start work in Volkswagen’s innovation hub in Dresden, Die Gläserne Manufaktur in September 2018.
carVerticalwas granted entry to the Volkswagen (VW) Future Mobility Incubator after winning a manufacturer’s pitch competition. This event, organized by German-Baltic Chamber of Commerce, was held on May 31 in Riga, Latvia where several teams of entrepreneurs made their presentation. In the end, it was carVertical who were able to convince the expert jury of their idea of using blockchain to record vehicle histories. The incubation program also offers 15,000 euros of financial support. carVertical is the first decentralized vehicle check in the world powered by blockchain technology.
Apart from financial and personnel assistance, the company will be provided with help from trainers, mentors, and the Volkswagen R & D team. They will also receive professional advice from Sächsische Aufbaubank (SAB). Back in January 2018, carVertical raised $20 million through an initial coin offering (ICO), thereby acquiring a huge sum for their development activities.
The organization designs various application programs on the basis of the decentralized car history registry. European Union has also supported its performance during 2014-2020 Operational Programme for the European Union Funds.
carVertical, the most successful automotive-based ICO
carVertical, as per representatives is the most successful automotive-based ICO. The history records app prevents car fraud as in the app, the user is able to find records by car’s Vehicle Identification Number (VIN) that is located either on a car’s body or in its technical passport.
The company plans to develop many applications centered on the decentralized vehicle history registry. The first application, which will launch a little later in June this year, is the platform of vehicle history reports.
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.