Fasten your seatbelts – this could be an interesting ride. Some of the largest automobile companies in the world are uniting in their efforts to develop the blockchain field.
Whether you are up with the play or not, blockchain technology is not just a fad, it's not likely to lose its relevance anytime soon. This is the future that is already here. Automobile manufacturers understand this well, therefore they are considering not only the introduction of alternative power sources or the automation of the controls of a car; but also the introduction of blockchain technologies in the automotive sector. However, here competition has to be put aside – the engine of progress is running at too high horsepower for that – and a unified approach is needed in the name of decentralization.
More than 30 companies, including such automotive giants as the US' General Motors and Ford, and European marques BMW and Renault, have set up a consortium called the Mobility Open Blockchain Initiative
(MOBI). It also includes one of the world's largest manufacturers of parts –Bosch.
MOBI is a nonprofit organization working with advanced companies, government and non-governmental organizations to make mobility services more efficient, affordable, environmentally friendly and secure by accelerating the introduction of blockchain technologies. MOBI strives to create common standards for inter-make sharing - to promote a new digital mobility ecosystem
Chief executive of the MOBI Consortium Chris Ballinger, a former CFO and director of the Toyota Research Institute mobility service, is convinced that a decentralized business network is needed to drive the automotive sector.
MOBI's work will start with personal meetings between members to set-up project groups in areas such as vehicle identity and data tracking; ride sharing; mobility ecosystem commerce; and data markets for autonomous and human driving.