Last week at the VeChain Summit in San Francisco, Cihan Albay from BMW Group outlined the new blockchain-based VerifyCar app built with VeChain. VeChain was part of the BMW Startup Garage, and the companies have been working together for more than a year.
VeChain has a public blockchain VeChainThor focused on enterprises. It was initially founded in China, but the umbrella foundation is in Singapore. It has several enterprise clients, including Chinese auto company
BYD, government-owned
People’s Insurance Company of China (PICC) and shareholder
DNV which is a major global provider of quality audits. The company conducted an ICO, and its market capitalization is around $390 million.
What is VerifyCar?
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