DOVU, a cryptocurrency token, has outlined that it has completed a test with BMW. It was a test that involved the use of blockchain technology and ERC-20 tokens in the general tracking of vehicle mileage.
Recent moves and the policies in place
BMW tapped DOVU calling upon it to be a participant in its innovation lab which targets reaching out to new and disruptive ideas. An anonymous official involved in the matter disclosed that the 10-week pilot would be taking place at the London BMW headquarters beginning January 15.
Three executives from BMW’s leasing, fleet vehicle arm and Alphabet Inc (NASDAQ:GOOG) committed themselves to serving as sponsors for DOVU.
These sponsors were the head of product management Leo Taylor, chief commercial officer Simon Carr and the chief executive officer Nick Brownrigg. It is worth noting that every time a vehicle moves out in good condition and comes back while damaged much changes regarding its resale value.
Before the test kick started, the DOVU team outlined that the ability to gain access to data via the blockchain and the use of tokens to influence customer behavior remained rather relevant to multiple aspects of the company’s business.
DOV tokens and the latest plans by BMW
The meeting that ensued between the BMW stakeholders and DOVU was to make a determination of exactly how the DOV tokens could deliver a positive impact on vehicle value. The overall findings of the team pointed out to the fact that the vehicle mileage bore a significant impact on the return value of any given vehicle.
At this time BMW concerns itself with the tracking of vehicle mileage across fleets, an undertaking that has it employ fuel cards. However, the method is prone to typing errors not forgetting that it doesn’t have the required oversight.
At that point when a given car is brought in for service, the data tracked by connected vehicles is at times used for diagnostic purposes. One needs to obtain permission from the driver before accessing the data.
In its latest statement, DOVU disclosed that it had resorted to gamification methods in a bid to offer incentive to repeat reporting.
