Blockchain Start-Up carVertical Is Cooperating With Volkswagen
Volkswagen one of the major German car maker has chosen blockchain start-up carVertical to develop a blockchain-based idea of taping vehicle histories.
Lithuania-based carVertical which is world’s first decentralized vehicle check is powered by blockchain technology.
Volkswagen has given carVertical an entry to Volkswagen Future Mobility Incubator in Dresden after it won the producer’s title competition held on May 31 in Riga (Latvia).
carVertical will start its work at the carmaker’s innovation center in September 2018 along with a financial support of 15,000 euros.
The company will also have access to mentors and trainers, the Volkswagen R & D team, and highly professional advice from Sächsische Aufbaubank (SAB). It will also receive financial and personnel assistance from the City of Dresden.
carVertical got a strong increase to their development activities after raising $20 million in funds through an initial coin offering (ICO) back in January 2018.
The organization is adjusted to design different application programs on the basis of decentralized car history registry. Its performance is also backed by the European Union during 2014-2020 Operational Programme for the European Union Funds.