While the cryptocurrency bubble may have burst, the technology that it works around is gaining popularity across sectors. Blockchain tech uses a distributed ledger where each party is in sync while executing a transaction and thereby everything is transparent in the nature of executing contracts.
Last year, a lot of experimentation happened around blockchain across sectors, and now MOBI, the Mobility Open Blockchain Initiative, is going to explore blockchain for “use in a new digital mobility ecosystem that could make transportation safer, more affordable, and more widely accessible.”
MOBI’s mission is “promoting standards and accelerating adoption of blockchain, distributed ledger, and related technologies for the benefit of industry, consumers, and communities.”
MOBI is working with companies that account for over 70 percent of market shares when it comes to global vehicle production. The consortium comprises of Renault, BMW, Bosch, Ford, General Motors, Groupe Renault, ZF, and Aioi Nissay Dowa Insurance Service USA, among others.
According to a statement by MOBI, “Blockchain technology operates by distributing information to a network of independent computers, ensuring that transactions are secure and data privacy, ownership rights, and integrity are protected. Working in a consortium allows MOBI and partners to create transparency and trust among users, reduce the risk of fraud, and reduce frictions and transaction costs in mobility, such as fees or surcharges applied by third-parties.”
Former Chief Financial Officer and Director of Mobility Services at Toyota Research Institute Chris Ballinger 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.By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers, and communities,” shared Chris.
Dave Luce, former Head of Data Delivery and Integration at Toyota Motor Sales North America, is going to be the COO of MOBI.
The big question is will this push the envelope for the sector when it comes to blockchain and automation. An important aspect is that MOBI claims that its “ approach to ecosystem development is open and inclusive, inviting stakeholders from across the entire mobility value chain to establish a ‘minimum viable network’. This includes automakers, public transportation and toll road providers, other forms of transportation, technology firms, blockchain firms, academic institutions, startup innovators, and regulatory bodies across the globe.”