World’s Major Automakers Mobilize on Blockchain for New Initiative

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A group of major automakers from around the world, including General Motors, BMW, Ford, Bosch, ZF, and Groupe Renault has teamed up with leading blockchain experts to form a major initiative, designed to provide businesses and consumers with more control and security for data relating to automobile use.

The new alliance, with partners including Accenture, IBM and Context Labs, was announced on Wednesday. Named MOBI (Mobility Open Blockchain Initiative), it will seek to provide users with control over driving data, ride-sharing transactions, stored vehicle identity, and other usage information.

“Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles,” stated former Chief Financial Officer and Director of Mobility Services at Toyota Research Institute, Chris Ballinger. “By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”

MOBI is currently working with over 70 percent of global vehicle producing companies by market share, according to the announcement. The alliance is developing an open source ecosystem designed to accommodate automakers, public transit authorities, commuters, and transportation firms, along with blockchain and startup companies that want to contribute to making transportation safer, more transparent, and more efficient through technology. Initial goals for the project will be related to autonomous machine and vehicle payment, car sharing and ride-hailing, supply chain tracking and efficiency, vehicle identity history and tracking, and usage-based pricing and payments for vehicles, insurance, congestion, and infrastructure.

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Initial goals for the project will be related to autonomous machine and vehicle payment, car sharing and ride-hailing, supply chain tracking and efficiency, vehicle identity history and tracking, as well as usage-based pricing and payments for vehicles, insurance, congestion and infrastructure.

Vice President & Partner, IBM Automotive Industry Leader Sachin Lulla stated, “A set of blockchain standards for the mobility industry will allow auto, infrastructure and service providers to efficiently communicate and transact with each other. Bringing the industry together and building interoperable blockchain networks is key to helping the automotive industry unleash the potential of blockchain. IBM is contributing our expertise in building blockchain consortia to the group to help accelerate development and ultimately benefit consumers.”

About Alex Behrens

Alex started his professional career in a data analyst role at a global electrical components distributor before transitioning to work in the blockchain industry full time in 2017. He has performed research and analysis on multiple projects including traditional securities and cryptocurrencies, and has contributed to operational design for cryptocurrency mining and other entrepreneurial projects since 2015. Alex graduated from Ithaca College in 2014 with a BS in Finance and a minor in Politics.

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