Top automakers team up to advance a blockchain vehicle identity standard

automakers blockchain vehicle identity standard

The Mobility Open Blockchain Initiative (MOBI), a non-profit organization comprising leading automakers, has launched the second instalment of its vehicle identity (VID) standard on the blockchain. A press release unveiled this news on January 19, noting that this release seeks to eliminate practices like rolling back odometers and selling flood-damaged vehicles. In so doing, the organization seeks to track and protect the true identity of vehicles by leveraging blockchain technology.

According to the news release, the VID II standard seeks to use the VID I standard (a vehicle birth certificate of sorts) to outline the application of VID in a variety of real-life use cases. These range from supply chains, automotive financing, and electric vehicle charging to autonomous vehicle data exchange. However, the VID II working group is focused on vehicle registration and maintenance traceability at the moment.

The working group believes that leveraging blockchain technology will help defragment vehicle registration systems from multiple countries and feed the data into a secure, shared, trusted ledger. According to the working group, the blockchain will also help enhance maintenance traceability, providing potential buyers, regulators, and insurers with immutable vehicle history, hence minimizing vehicle information asymmetry.

Creating seamless solutions to transform the mobility ecosystem

Per the publication, global mobility leaders, startups, and large technology firms created the VID II standard, hoping to advance multi-stakeholder, interoperable mobility ecosystems. The MOBI VID II working group is co-chaired by BMW and Ford. It also has the support of multiple firms, including Accenture, AWS, Bosch, Car IQ, DENSO, DMX, and IBM, among others.

Commenting on the importance of the VID II standard, BMW’s Head of Emerging Technologies, Andre Luckow, said,

At BMW we strive to create seamless digital solutions. The reference architecture in the VID II standard is a crucial building block in the transformation to a frictionless and trusted mobility ecosystem.

MOBI’s co-founder and COO, Tram Vo, believes that creating a secure digital vehicle identity system sets the foundation for a fully automatic network for usage-based transportation services. Vo added that MOBI expects the VID II network to offer a frictionless transfer of value in the new economy of movement. On top of this, MOBI expects the network to create new opportunities to monetize automobiles, services, data provenance, and autonomous economic agents.

The post Top automakers team up to advance a blockchain vehicle identity standard appeared first on Invezz.

Publication date: 
01/20/2021 - 23:10
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.