In an effort to explore blockchain benefits in the auto industry, major automakers and other technology groups have come together to accelerate blockchain tech.
The auto companies involved are said to account for over 70% of global vehicle production and have created this focus group in an effort to, “foster an ecosystem where 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.”
The Mobility Open Blockchain Initiative (MOBI) began on May 2, 2018 with nearly three dozen founding members including Blockchain at Berkeley, Fetch.ai, Hyperledger, IBM and IOTA. MOBI says its mission is to create and improve upon the idea of a, “safer, more affordable, and more widely accessible using blockchain technology.”
While other automakers outside of MOBI have their own agendas, MOBI’s focus will be on aspects including supply chain management, data tracking, consumer financing abd pricing as well as AI inside of autonomous vehicles.
MOBI has on board with it some big names in the cypto-community including the Executive Director of Hyperledger, Brian Behlendorf, co-founder of Ethereum and founder of ConsenSys, Joseph Lubin, as well as Jamie Burke of Outlier Ventures.
Chris Ballinger, who serves as MOBI’s first CEO, said in a statement that bringing together all of the differing industries such as the suppliers, startups and automakers would help the industry as a whole accelerate the process of adoption. “Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles,” Ballinger said.