A new group called MOBI, which includes Ford, BMW, Renault, and General Motors, has announced its intention to explore the potential use of blockchain technology in the car making industry.
MOBI’s plans for blockchain
The consortium, called the Mobility Open Blockchain Initiative, or MOBI, has announced its launch and intention to research the potential use of blockchain technology. The group consists of more than 30 members that include BMW, Renault, Ford, General Motors, Hyperledger, IOTA, Bosch, IBM, Blockchain at Berkeley, and Fetch.ai. Their goal is to make transportation more affordable, widely accessible, and safer.
Blockchain has the potential to influence and reshape industry. It allows for many benefits, such as smart contracts and distributed ledger component. This is something that many companies from various industries have recognized as a new and improved way of using and consuming data.
MOBI is the next in a long line of groups who wish to use this potential to their advantage. With it, they can improve their focus on data tracking, forms of payment, supply management, improvement of pricing and consumer financing. They even see it as an opportunity to step into some more futuristic areas of the auto-industry, especially when it comes to systems that allow for ride-sharing and self-driving cars.
A new project for an old idea
The introduction of blockchain into the car industry is not a new concept. Many of the big manufacturers have already been carrying out their individual or group research for a while now. Toyota is researching on its own, while companies like Daimler and Renault have entered different projects.
MOBI’s approach may be somewhat different due to their focus on an automotive space and blockchain’s potential use cases. The newly-formed group’s CEO and chairman, Chris Ballinger, stated that blockchain and similar technologies that can enhance trust have the potential to completely redefine the car industry, perhaps even changing the way that people buy, use, and insure their vehicles.
He added that adoption of blockchain into this industry can benefit consumers and businesses alike, but also entire communities. MOBI has the potential to accelerate that adoption by uniting startups, car makers, suppliers, as well as government agencies.
Ballinger was previously Toyota Research Institute’s director of mobility services and CFO and is now one of several big names that have joined this organization. Other significant members include Hyperladger’s executive director Brian Behlendorf, and Ethereum’s co-founder Joseph Lubin, who is also a founder of ConsenSys.
