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New Strategies And The Way Forward For Blockchain Technology

In the past few months companies have been aggressively pursuing blockchain technology to understand how it can revolutionize their businesses. The auto industry is said to some vested interest in this field presently. Four of the largest auto manufacturers in the world are now part of a group working to bring blockchain to cars. For some quick background on the technology: the blockchain is a decentralized, immutable store of information related to certain transactions. The blockchain also claims to reduce third-party risk by eliminating intermediaries, such as banks, whose role was to provide (centralized) trust in the system — trust is replaced by immutable data that is not controlled by any party.

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The group is known as Mobility Open Blockchain Initiative (MOBI), and it is actively working with companies accounting for over 70% of global vehicle production in terms of market share. MOBI and its partners are seeking to foster an ecosystem in which businesses and consumers have security and sovereignty over their driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information.

Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles. By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.

Chris Ballinger, Board Chair, MOBI

BMW, Ford Motor Co, Renault and General Motors Co. are among the 30 companies in the MOBI. The goal of MOBI is to accelerate the adoption of blockchain and to ensure the industry is on the same page, with use cases ranging from autonomous payments to ride-sharing. Other major players have been pushing their tech into cars as well. Amazon.com Inc, Apple Inc, Alphabet Inc and Microsoft Corp already are making the move into connected cars with their smart assistants.

New Strategies And The Way Forward For Blockchain Technology

 

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