BMW, GM, Ford and Renault Launch the Mobility Open Blockchain Initiative (MOBI) in collaboration with 30 other members including Bosch, Hyperledger, IBM, and IOTA, reported TechCrunch on May 2.
The consortium will explore different applications of the blockchain that can be applied to the automotive and the mobility space industry.
The principal goal of this initiative is to make transportation “safer, more affordable, and more widely accessible using blockchain technology.”
MOBI’s first chairman and CEO, Chris Ballinger mentioned,
“Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles. By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”
MOBI will be focusing on many different applications of the blockchain including data tracking, payments, consumer finance and other areas like a ride-sharing systems and autonomous cars.
At the end of March, Ford announced that it was planning to use cryptocurrency to facilitate car communication.