German automobile giant Volkswagen has offered a Lithuania-based company a role in its Dresden center after a successful pitch in a manufacturers competition, writes Cointelegraph.
The company, carVertical, has developed a platform for used car history reports enabling users to verify details of a car’s past before making a purchase. The competition held in Riga, Latvia saw carVertical’s pitch as the most inventive.
The decision was announced after numerous teams of entrepreneurs presented their pitches at an event organized by German-Baltic Chamber of Commerce. As winners, carVertical will begin work in Die Gläserne Manufaktur, Volkswagen’s innovation hub in Dresden in September of this year, with EUR 15,000 in financial support.
The outcome of the project is the joint development of blockchain-based solutions, intended to place Volkswagen as the leader for future mobility applications, also providing carVertical with valuable resources and expertise.
“In connection with the program, Die Gläserne Manufaktur also offers the assistance of mentors and coaches, an attractive working environment at the facility, high-quality IT infrastructure, contacts with Volkswagen research and development employees and decision-makers, professional advice by Sächsische Aufbaubank (SAB), close proximity to the start-up scene and both financial and personnel support from the City of Dresden,” says the press release.
CarVertical’s history records app is designed to prevent used car frauds by using the app to locate a car’s Vehicle Identification Number (VIN) located in its technical passport or on a car’s body.
The car’s VIN is the identifying code for a specific automobile. It serves as the car’s fingerprint, as no two vehicles in operation have the same number. A VIN is composed of alphanumeric 17 characters that act as a unique identifier for the vehicle. It displays the car’s unique features, specifications, and manufacturer. The number can also be used to track recalls, registrations, warranty claims, thefts, and insurance coverage.
CarVertical claims to be most successful automotive-based initial coin offering. The team raised almost USD 20 million during its coin offering in January 2018.
“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,” states the carVertical website.
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