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By RTTNews Staff Writer | Published: 1/21/2021 9:15 AM ET
A working group of the Mobility Open Blockchain Initiative (MOBI), led by BMW and Ford, released the second installment of the industry's vehicle identity (VID) on blockchain. The VID II working group advanced a blockchain-powered VID solution that could help second-hand vehicle buyers avoid cars with incorrect mileage, maintenance, or damage histories.
Others in the VID II working group are Accenture, AWS, AutoData Group, Bosch, Car IQ, DENSO, DMX, Hitachi America, Ltd., Honda, IBM, Kar Auction Services, Luxoft, Quantstamp, Ownum, and USAA.
"We expect this network for frictionless transfer of value in the New Economy of Movement to open up trillions of dollars of new opportunities to monetize vehicles, services, data, and infrastructure," said MOBI COO and Co-Founder, Tram Vo.
The working group focused on two use cases for vehicle registration and maintenance traceability. Blockchain-powered vehicle registration allows formerly disconnected vehicle registration systems between states and countries to connect using a secure, shared, and trusted ledger.
Meanwhile, blockchain-powered maintenance traceability will provide a tamper-proof maintenance history of a vehicle to buyers, regulators, and insurers, therefore reducing vehicle information asymmetry.
The blockchain-powered solutions enable both the buyer and seller to have a more reliable record of a vehicle that can open up opportunities for increased market value for the seller and an increased sense of security for the buyer.
Additional use cases for VID include supply chain, automotive financing, electric vehicle charging, autonomous vehicle data exchange, and much more. VID II is claimed as a building block to a future with more transparent, efficient, and safer vehicle registration and maintenance.
MOBI, formed in May 2018, is a member-led consortium working to make transportation greener, more efficient, and more affordable by accelerating the adoption of blockchain and related technologies.
The cross-industry initiative comprises more than 120 leading automotive, mobility and technology companies including car makers General Motors, Ford, Daimler Benz, BMW, Renault and VW; car-parts manufacturers Bosch and ZF; technology giants IBM and Accenture; blockchain industry groups Consensys, IOTA, and Hyperledger. MOBI members account for 70 percent of global car production.
MOBI will be working with its partners on projects related to Vehicle identity, history and data tracking; Supply chain tracking, transparency, and efficiency; Autonomous machine and vehicle payments; Car sharing and ride hailing; and Usage-based mobility pricing and payments for vehicles, insurance, energy, congestion, pollution and infrastructure.
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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.
Article reposted on Markethive by Jeffrey Sloe
