A Consortium bringing together some of the key players in the transport industry has been formed to explore the use of blockchain system in the industry. The initiative is aimed at making transport affordable, safer and more accessible.
Some of the key names making up the group, which has been named Mobility Open Blockchain Initiative (MOBI), are carmakers General Motors Company (NYSE:GM), BMW, Renault and Ford Motor Company (NYSE:F). MOBI will explore several applications of blockchain technology to the transport industry like supply chain and autonomous payments. MOBI is currently made up of around 30 companies and its founding members are Bosch, IBM Common Stock (NYSE:IBM) and Blockchain at Berkeley.
The new organization is largely an evolution of Blockchain Mobility Consortium, which was formed in 2017. The new initiative could be especially be useful for car-to-car data sharing and vehicle ID especially in tracing collision history and stolen cars.
While commenting on the group, Brian Kelly, the founder and CEO of digital asset investment company BKCM termed the initiative by automakers “very, very interesting” as it adds every car to the battleground for tech companies. He noted that the move is tectonic shift in the tech industry and has the ability to cause a lot of positive disruption of the auto and tech industry.
With no clear timelines on when blockchain technology will finally find itself in cars, this is a good start in that direction. The moves itself has a lot of tangible real-world effects including reducing the cost of services used without putting strain on security of the car.
Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc Class C (NASDAQ:GOOG), Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN) are already making bold moves towards connected cars. Amazon has since expanded the reach of Alexa to include autos. Microsoft has been built with a car system while Apple offers Carplay for iOS. Alphabet, the parent company of Google is currently working of launching autonomous-driving car through Waymo, its subsidiary.
Some of the members on the organization’s board include Brian Behlendorf, the executive director of Hyperledger and Joseph Lubin, a co-founder of Ethereum and founder of ConsenSys.