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Volkswagen In Deal With Blockchain Start-up CarVertical

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German car maker Volkswagen has selected blockchain start-up carVertical to develop a blockchain-based concept of recording vehicle histories.

Lithuania-based carVertical is a decentralized vehicle history registry, which is powered by blockchain technology.

Volkswagen has granted carVertical a ticket to Volkswagen Future Mobility Incubator in Dresden after it won the manufacturer's pitch competition held on May 31 in Riga (Latvia).

carVertical will begin work at the carmaker's innovation hub in September 2018 along with a financial support of 15,000 euros.

The company will also gain access to assistance of mentors and coaches, Volkswagen R & D teams, and professional advice by Sächsische Aufbaubank (SAB). It will also get financial and personnel support from the City of Dresden.

carVertical received a strong boost to their development activities after raising $20 million in funds through an initial coin offering (ICO) back in January 2018.

The company is set to develop various applications based on decentralized vehicle history registry. Its initiative is also supported by the European Union through 2014-2020 Operational Programme for the European Union Funds.

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