A group of over 30 organizations have joined MOBI (Mobility Open Blockchain Initiative). Some of the big names in the group are - BMW, GM, Ford, Bosch, ConsenSys Systems, IBM, IOTA, VeChain, Shift, Hyperledger and Groupe Renault.
The organization will focus solely on applications to the automotive industry. Cryptocurrencies and blockchain provide major benefits to payments, data tracking, and supply management. The group will create open-source distributed ledger software to standardize benefits specific to the industry like consumer finance and pricing, autonomous vehicles and ride-sharing systems.
“Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles,” Chris Ballinger - Founder, CEO of MOBI.
It Started with Toyota and MIT
Almost exactly one year ago, Chris Ballinger was Director of Mobility Services and Chief Financial Officer at Toyota. In May 2017 he was working directly with the Toyota Research Institute (TRI) to launch projects developing blockchain technology applications for the automotive industry. Prior to this position he was CFO with the Toyota Motors Credit Corporation.
TRI and MIT have a slightly less broad research scope. They are already working directly with specific companies on particular applications of the technology. Oaken Innovations and Commuterz, are developing blockchain apps for car sharing, vehicle access and payments and carpooling. Gem is researching usage-based insurance products tied to data recorded of drivers’ habits.
Fast Lane - Crypto Lane
Research into blockchain technology is nothing new for automotive companies. Back in September of 2016 Ford applied for a patent to enable communication between vehicles to enable vehicle “platoons” to avoid traffic slow downs, and a “cooperative adaptive cruise control module.” This program “coordinates with other the cooperative vehicles to move the formed platoon through the traffic cataract at a constant speed.”
Cryptocurrency transactions are specifically referenced for a negotiable fast lane.
...cooperative vehicles coordinate to facilitate a Cooperatively Managed Merge and Pass (CMMP) system... particular drivers accessing less congested lanes. Drivers with cooperative vehicles may choose to participate in the system in which driving behavior is monitored, recorded, and evaluated in a collective manner by themselves and other participating vehicles.
By: BGN Editorial Staff