A group of major car manufacturers will test a blockchain network for vehicle identification. The tests are based on the Mobility Open Blockchain (MOBI) initiative, which integrates blockchain technology to automatically make payments without the need for cash or cards.
The participants in the initiative are BMW, General Motors, Honda, Ford and Renault, and the tests will start next month in the US.
Mobility Open Blockchain
Basically, the project aims to give each vehicle a unique identity, which will be used later in the interaction with traffic participants. The data stored on the blockchain will include the owner and history of the car. MOBI aims to eliminate the need of a man when settling road, highway and parking fees.
Founded in May 2018 by several major car manufacturers, the Mobility Open Blockchain has worked to enable road data sharing among manufacturers, a step towards the development of autonomous vehicles.
According to the report published by the Nikkei Asian Review, participating vehicles could eventually automatically pay the costs once they are connected to other networks, such as charging or power stations.
The project will also include cryptocurrencies
MOBI is also trying to include cryptocurrencies, which could be used to reward users.
This summer, Daimler – the parent company of Mercedes-Benz – has partnered with blockchain firm Riddle & Code to produce a car hardware portfolio. The wallet could also be used to create a cryptographic identity for vehicles.
Also, Jaguar Land Rover is considering the possibility of rewarding drivers with cryptocurrencies for the data they make available to the company.