MOBI (the Mobility Open Blockchain Initiative) has been launched by major automakers, including Ford, General Motors, BWM and Renault along with other founding members including IBM, Bosch and Accenture.
The consortium group wants to explore the blockchain technology, and its use in the digital mobility ecosystem can make transportation safer.
Blockchain technology is how to distribute information to a network of independent computers. Its decentralized nature can make transactions secure by protecting data integrity and ownership. And using this technology, the consortium wants to allow members to create trust and transparency among users, minimize fraud risks, reduce frictions and transaction costs in mobility, while at the same time, removing third-parties from transaction
To do this, the consortium is researching blockchain technology related to driving data, ride-sharing and car-sharing transactions and vehicle identity and usage information, according to an announcement by MOBI.
"Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles," said Chris Ballinger, MOBI CEO and chairman, who joined the group from Toyota Research Institute. He left his position as chief financial officer at the company to become MOBI's chairman and chief executive.
"By bringing together automakers, suppliers, startups and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities."
MOBI also partners with Aioi Nissay Dowa Insurance Services, Blockchain at Berkeley, Chronicled, ConsenSys Systems, Context Labs, Crypto Valley Association, Dashride, Deon Digital AG, Digital Twin Labs, DOVU, Fetch.ai, FOAM, Hyperledger, the IOTA Foundation, Luxoft, MotionWerk, Ocean Protocol, Outlier Ventures, Ride Austin, Shift, Spherical Analytics, the Trusted IoT Alliance, Xain and ZF Friedrichshafen AG, and others.
At this time, MOBI is the biggest consortium focused on applying blockchain tech in the automotive sector.
Previously, GM Financial and Daimler AG have joined Hyperledger, which is also one of the 37 companies joining MOBI.
