Automobile giants from the MOBI consortium, including GM, Ford, BMW, Renault and Honda, are developing a blockchain-based PoC to track information about cars.
As reported
Forbes, car manufacturers are increasingly focusing on the implementation of distributed ledger technology (DLT) to streamline production processes, process data and reduce revenue.
Major carmakers, members of the Mobility Open Blockchain Initiative (MOBI), have begun developing a proof of concept on the blockchain to track vehicle data, including information about previous owners, involvement in accidents, and exclusion restrictions.
This proof of concept is aimed at tracking the history of cars on the blockchain and can ultimately be used to create a connection between vehicles so that they can communicate with each other, track speed, location, direction of travel, braking and driver intentions.
MOBI is a technology consortium based in Los Angeles, which includes major car manufacturers from around the world who seek to explore the potential benefits of the blockchain in order to implement their business models. The consortium’s initiatives were commented on by Lucy Hakobyan, Program Manager at MOBI:
“We are moving towards a new era and creating an economy for connected cars with built-in wallets and tokens. The blockchain allows car manufacturers to improve the value chain and enables them to play an important role in managing new revenue streams. ”
Representatives of the automotive industry are increasingly exploring the possibilities of using blockchain. In the middle of the month, Ford said it would use blockchain to reduce fuel consumption by cars. Previously, BMW, General Motors, Ford, Renault and Honda announced the beginning of testing the car identification system and payment solution on the blockchain.
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