An association that has been established by a group of major automakers in exploring blockchain for making transportation safer by using it in a new digital mobility ecosystem. The carmakers launched the MOBI (Mobility Open Blockchain Initiative) which included General Motors, Renault, BMW, and Ford, also other established associates that include Bosch, Accenture, and IBM. The main intention of setting an association is to study on how to utilize this technology of blockchain in managing ride sharing, car sharing transaction and storing vehicle identity and usage information, driving data, as announced by MOBI.
Currently, blockchain and other related trust enhancing technologies are poised to explain once again the automotive industry motives, how consumers buy, use the vehicles and insure, as mentioned by the MOBI CEO and chairman, Chris Ballinger, who was the director of mobility services and the chief financial officer from the group of Toyota Research Institute before joining MOBI. By getting together suppliers, automakers, government agencies, and startups, they can fasten the acceptance for the advantage of customer, communities, and businesses.
Moreover, the partnership involved in MOBI included Blockchain at Berkeley, the Trusted IoT Alliance, Xain and ZF Friedrichshafen AG, ConsenSys Systems, Aioi Nissay Dowa Insurance Services, Dashride, Deon Digital AG, Digital Twin Labs, Chronicled, Luxoft, Ocean Protocol, Outlier Ventures, Crypto Valley AssociationDOVU, Fetch.ai, the IOTA FoundationMotionWerk, Shift, Ride Austin, Context Labs, FOAM, Spherical Analytics,and Hyperledger few to name.
However, the blockchain technology allocates information to channel of independent processors, making all the transactions more secure by protecting the data integrity, data privacy and ownership rights. The association has been determined basically to allow partners to generate the trust and transparency among the users, reduce the fraudulent, minimize frictions, transaction costing included in mobility such as surcharges or fees, that are charged by the third parties.