Four of the world's major automobile manufacturers have joined startups and Technology Companies to form the biggest-ever consortium focused on applying blockchain technology in the automotive sector.
The formation of the new alliance, named the Mobility Open Blockchain Initiative (MOBI), was announced at the Future Blockchain Summit in Dubai.
It consists of 37 companies, including car makers BMW, Ford, General Motors and Renault; car-parts manufacturers Bosch and ZF; technology giants Accenture and IBM; blockchain industry groups Consensys and Hyperledger; and Aioi Nissay Dowa Insurance Services USA.
MOBI members account for 70 percent of global car production.
Initially, MOBI will be working with its partners on projects related to Vehicle identity, history and data tracking; Supply chain tracking, transparency, and efficiency; Autonomous machine and vehicle payments; Car sharing and ride hailing; and Usage-based mobility pricing and payments for vehicles, insurance, energy, congestion, pollution and infrastructure.
Blockchain technology operates by distributing information to a network of independent computers, ensuring that transactions are secure and data privacy, ownership rights, and integrity are protected. Working in a consortium allows MOBI and partners to create transparency and trust among users, reduce risk of fraud, and reduce frictions and transaction costs in mobility, such as fees or surcharges applied by third-parties.
Chris Ballinger, former Chief Financial Officer and Director of Mobility Services at Toyota Research Institute, serves as Chairman and CEO of MOBI. He will coordinate this initiative and create a more open platform where users, owners, mobility service companies, and infrastructure providers can better control and monetize their assets, including their data.
"By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities," said Ballinger.
Joining Chris Ballinger as co-founders and members of the Board of Directors are Ashley Lannquist from Blockchain at Berkeley, and David Luce, a veteran technology leader.
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