BMW takes steps to blockchain-driven future

The company presents the recently launched Mobility Open Blockchain initiative to its partners. The meeting that is currently happening in the IT center of the BMW Group in Munich is attended by members of a consortium co-founded by BMW, representatives of world’s largest tech companies, as well as blockchain specialists. The main purpose of the forum is to discuss the experience of the adoption of new technology by the company and the practical knowledge exchange.

“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,” explains Andre Lukow, who is the head of blockchain and DLT department at the BMW Group.

Last year, BMW demonstrated how customers can use the VerifyCar blockchain application to track their car’s mileage, allowing them to verify it and share this data with third parties. Opportunities for the use of blockchain exist in the entire chain of the automobile creation process. Blockchain can be used to manage production and the supply chain improving traceability, safety and operational efficiency. The goal is to achieve full transparency by tracking the origin of all parts and components via blockchain. This principle was successfully tested by the BMW Group, and a pilot project was launched subsequently at the factory in Spartanburg (USA), which carries out a detailed study of the entire multi-level international supply chain.

Image courtesy of Ledger Insights