According to US media reports on May 2, BMW, Bosch, Ford, GM, Renault, ZF and other automakers, suppliers and automotive companies have established the Mobility Open Blockchain Initiative (MOBI) alliance to develop blockchains. The potential use of technology.
The companies covered by MOBI are associated with 70% of the global automotive manufacturing business. CEO Chris Ballinger said blockchain and related encryption technologies will redefine the automotive industry and how consumers buy, insure and use cars.
Bitcoin and other cryptocurrencies currently use blockchains as distributed ledgers. The system is open to the public but can be encrypted to create secure transaction records. MOBI aims to create a blockchain ecosystem specifically for the automotive industry, with potential applications including vehicle identification, supply chain tracking, vehicle payments, data markets and user-based pricing systems.
Sachin Lulla, vice president of the automotive industry, said that bringing the automotive industry together and building an interoperable blockchain is critical to the blockchain's potential for the automotive industry. MOBI has not yet announced a timetable for the introduction of open source blockchain tools and standards.
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