What’s Going On?
Some of the world’s largest carmakers including Ford, Renault, General Motors and BMW have joined forces with software companies to help bring blockchain technology to your daily drive.
Why Does It Matte?
The carmakers hope to create standards that allow for secure payments for everything from autonomous car hailing to congestion charges to ridesharing, it was reported.
What Else Do They Have Planned
The new initiative could be useful for car-to-car data sharing, too, said Engadget. Blockchain should be useful for vehicle identification – which can help with tracing stolen cars or collision histories – and bolstering the supply chain.
The MOBI consortium hopes to bring an open-source approach to blockchain software tools and standards in order to stimulate rapid and scalable uptake of the technology.
Chris Ballinger, former Chief Financial Officer and Director of Mobility Services at Toyota Research Institute, is joining MOBI as Chairman and CEO.
“Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles,” said Ballinger. “By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”