BMW, GM, Ford and Renault founded a consortium for the automotive industry

BMW, GM, Ford and Renault founded a consortium for the automotive industry

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Automakers BMW, General Motors, Ford and Renault were among the founders of the new blockchain-consortium, focused on the automotive industry.

The consortium Mobility Open Blockchain Initiative or MOBI was launched this Wednesday. It has over 30 members, including Bosch, Blockchain at Berkeley, Hyperledger, Fetch.ai, IBM and IOTA. The group intends to make the transportation industry “more secure, affordable and less expensive with the help of blockchain technology.”

As TechCrunch points out, the components of distributed registry technology and smart contracts are able to transform methods of interaction with data, and MOBI intends to use the blockchain for performing various tasks, including making payments, tracking data and managing supplies, billing customers, and achieving even more ambitious ones goals, for example, maintenance of autonomous vehicles and carcher systems.

Representatives of the automotive industry have long shown interest in distributed registry technology. For example, Toyota conducts its own research, Renault joined the research consortium R3, and Daimler is part of the Hyperledger blockchain project, overseen by the Linux Foundation.

From other consortia, MOBI is distinguished by the fact that this group will be engaged in searching for solutions based on the blockchain in the automotive and transportation sector as the main activity, rather than as one of the areas of research.

“Blockchain and related technologies aimed at increasing the level of trust, are able to transform the automotive industry and the ways of settlements with customers, their insurance, the use of cars,” said the first chairman and CEO of MOBI Chris Ballinger.

“By combining automakers, suppliers, start-ups and government agencies, we can accelerate the spread of technology for the benefit of business, consumers and communities,” added Ballinger, who previously held the position of CFO at the Toyota Research Institute.

The board of directors of the consortium included founder ConsenSys and co-founder Ethereum Joseph Lubin and executive director of Hyperledger Brian Behlendorf.

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