Automakers develop a proof-of-concept for blockchain-based vehicle identity standard
BMW, Ford, GM, Groupe Renault, Honda and other major automakers are implementing a proof of concept for a blockchain-based system for identifying vehicles. The members of the Mobility Open Blockchain Initiative (MOBI) have launched the joint initiative to test a new vehicle identity standard, released earlier this year.
“Creating a trusted digital identity for a vehicle unlocks the potential for a mobility payments network, including V2V/V2X transactions, electric vehicle to grid integration, usage-based services, fleet operations, congestion pricing, carbon footprint management, and more,” said MOBI CEO Chris Ballinger, in a press release announcing the proof-of-concept.
MOBI hopes a blockchain-based vehicle identity system will pave the way for smart contracts that enable direct micropayments between multiple parties in response to “detectable events”, fuelling the adoption of mobility-as-a-service business models. Digital identities could also help vehicles communicate with each other and track their respective speed, location, direction of travel, braking, and even intentions, according to MOBI. “The vehicle identity standard is a critical enabler for future blockchain-based vehicle and mobility services,” noted Andre Luckow, Head of Distributed Ledger and Emerging Technologies at BMW Group.
Although MOBI expects the proof of concept will take months to complete, it is planning a demonstration of “car wallets” using the new standard at the MoCo Los Angeles event in November.
For more information, see the press release from MOBI here.