Blazing New Trails with Blockchain Technology
You might remember that back in March I wrote an article how blockchain could impact the automotive industry and I am very excited to share this update, just in today from Los Angeles.
Five of the major automakers, BMW, GM, Ford, Renault and Honda have signed up to start testing a blockchain car ID and payment system next month in the U.S. The objective is to test the multi-stakeholder Proof of Concept (PoC) vehicle identification system developed under the Mobility Open Blockchain Initiative (MOBI.) Cars will be assigned unique Digital IDs linked to ownership, service history, maintenance reports and a digital wallet that allows the vehicle to schedule payments towards financing, parking meters, traffic tickets etc, cutting out the need for cash, bank accounts and credit cards.
Founded in May 2018 by multiple major car manufacturers, MOBI has been working to enable the sharing of road data between manufacturers, a step towards developing self-driving cars. MOBI is also looking into incorporating digital currency. A recent initiative involved paying users in crypto for putting energy back into the power grid following an outage. A number of automakers are also looking at blockchain for facilitating processes such as payments and data sharing, especially for the near future where automated vehicles have become the norm.
MOBI is a nonprofit foundation formed to accelerate adoption and to promote standards in blockchain, distributed ledgers, and related technologies for the benefit of the mobility industry, consumers, and communities. It is an open, inclusive body that acts as a ‘trusted convener’ and partner to entities in the emerging ecosystem of pay for use, on demand, connected, and increasingly autonomous mobility services.
While the official PoC will not be active for several months, key mobility stakeholders will be attending the seventh MOBI Colloquium, MoCo Los Angeles, in November for the first demonstration of car wallets using the MOBI VID standard.