Automotive Industry Gets a Blockchain Research Group Bearing BMW, GM, Ford and Renault
The research group for automotive industry consists over thirty contributors to support the blockchain initiative
On 2nd May 2018, steps towards revolutionary events in the automotive industry were taken by four leading automobile manufacturers in the world. According to the report on TechCrunch last Wednesday, this could bring in a positive change to vehicle manufacturing process.
The four-leading car makers, BMW, General Motors, Renault and Ford are in the front-line in this Mobility Open Blockchain Initiative (MOBI). However, the overall brains put in for this effort includes more than thirty contributors to support the blockchain initiative including IOTA, IBM, Bosch and Hyperledger.
There were previous attempts by vehicle manufactures to get on the blockchain through private or joined blockchain service initiatives. One such instance is the own set of services initiated by Hyperledger. But, MOBI is by far the largest joint initiative in the automotive industry that could have a huge positive impact for vehicle manufacturers.
Future of Automotive Industry on the Blockchain
According to the official website for MOBI, the members will target, “using blockchain and related technologies to make mobility safer, greener, and more affordable”.
The initiative has a mission statement that depicts their motivation to promote standards and soon move on to the blockchain. The distributed ledger and related technologies will then become beneficial for the industry, consumers, and communities.
Chris Ballinger, chairman and CEO of MOBI made the following statement regarding the blockchain initiative;
Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles.
Ballinger also made a follow up statement, later quoted by Tech Crunch;
By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.
Even though the scope of MOBI seems wide with lot of options right now, its potential to grow and the path is clearly visible. The automotive industry ramp-up efforts to get the on the blockchain will have favorable results for the business in future.
Earlier in March 2018, the German multinational automotive corporation, Daimler launched its own digital currency known as the ‘MobiCoin’. The project is still on a three-month test drive, in which drivers get rewarded using the MobiCoin for moral behavior on the road.