Bitcoin Global News (BGN)
A group of over 30 organizations have
joined MOBI (Mobility Open
Blockchain Initiative). Some of the big names in the
group are - BMW, GM, Ford, Bosch, ConsenSys Systems, IBM, IOTA,
VeChain, Shift, Hyperledger and Groupe Renault.
The organization will focus solely on applications to the
automotive industry. Cryptocurrencies and blockchain provide major
benefits to payments, data tracking, and supply management. The
group will create open-source distributed ledger software to
standardize benefits specific to the industry like consumer finance
and pricing, autonomous vehicles and ride-sharing
systems.
“Blockchain and related trust
enhancing technologies are poised to redefine the automotive
industry and how consumers purchase, insure and use vehicles,”
Chris Ballinger - Founder, CEO of MOBI.
It Started with Toyota and
MIT
Almost exactly one year ago, Chris
Ballinger was Director of Mobility Services and Chief Financial
Officer at Toyota. In May 2017 he was working directly with the
Toyota Research Institute (TRI) to launch projects
developing blockchain technologyapplications for the
automotive industry. Prior to this position he was CFO with the
Toyota Motors Credit Corporation.
TRI and MIT have a slightly less
broad research scope. They are already working directly with
specific companies on particular applications of the technology.
Oaken Innovations and Commuterz, are developing blockchain apps for
car sharing, vehicle access and payments and carpooling. Gem is
researching usage-based insurance products tied to data recorded of
drivers’ habits.
Fast Lane - Crypto
Lane
Research into blockchain technology
is nothing new for automotive companies. Back in September of 2016
Ford applied for a patent to enable
communication between vehicles to enable vehicle “platoons” to
avoid traffic slow downs, and a “cooperative adaptive cruise
control module.” This program “coordinates with other the
cooperative vehicles to move the formed platoon through the traffic
cataract at a constant speed.”
Cryptocurrency transactions are
specifically referenced for a negotiable fast lane.
...cooperative vehicles coordinate
to facilitate a Cooperatively Managed Merge and Pass (CMMP)
system... particular drivers accessing less congested lanes.
Drivers with cooperative vehicles may choose to participate in the
system in which driving behavior is monitored, recorded, and
evaluated in a collective manner by themselves and other
participating vehicles.
By: BGN Editorial Staff