Automotive are moving towards a technologically inclined design and its faster than we ever thought. A few years ago, the most technologically advanced thing one could do with his or her car was pair the car with a phone with Bluetooth or go on reverse with a rear camera projecting unto a display in the dashboard. But the times they are a changing and automakers are taking us to a whole new level with what our cars can do, and hey its been a good ride so far. We have had Tesla give us self driven cars and we have had Mercedes give us self parking cars. But now it’s an entirely different ball game altogether.

The top carmakers in the industry are now looking to blockchain – the underlying tech of most cryptocurrencies. German automobile giant BMW, American power house Ford, General Motors and Groupe Renault are forming the Mobility Open Blockchain Initiative (MOBI) consortium. The initiative is to research into how the new technology (blockchain) can be used to make the transport industry much better than it is now. The goal is to target the improvement of transport access, safety and affordability.

blockchain structure

The consortium’s CEO, Chris Ballinger, stated the vision is to have a platform where various cars users can manage their assets and make good money out of it.

“Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles…By bringing together automakers, suppliers, start ups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”

Blockchain’s immunity to hacks is what has made the tech so appealing and effective so far. One website quotes the consortium as looking to “create transparency and trust among users, prevent fraud, and reduce frictions and transaction costs in mobility, such as fees or surcharges applied by third-parties”.

A director at Groupe Renault, Sophie Schmidtlin, has stated the consortium is purposely to enable working in an “open ecosystem”. She remarked that

“Blockchain technology is by essence decentralised, and its full potential needs to be assessed by working in an open ecosystem…This consortium will be a great opportunity to share and learn about the possibilities that can be opened by the distributed ledger technology, applied to the automotive ecosystem. Ultimately, we aim to work together to define future standards and use-cases that will make an easier everyday life for our customers.”

MOBI will be looking to get various businesses that are interested in working within an open system of automobile share transactions, and vehicle data security and usage through next generation technology into the project. Follow us on Telegram.

Featured Images via Coinstaker.

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Blockchain

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