Major Car Manufacturing Giants Are Co-Working on a Blockchain Project

Major Car Manufacturing Giants Are Co-Working on a Blockchain Project

Crypto News News
January 20, 2021 by Elias Powell
36
As the world has set foot into the year 2021, things are turning out to be more promising for the crypto-blockchain industry. In the running year, there are several companies that have announced adopting blockchain technology. There are several video gaming platforms that have adopted blockchain technology. There are companies that have even started working

As the world has set foot into the year 2021, things are turning out to be more promising for the crypto-blockchain industry. In the running year, there are several companies that have announced adopting blockchain technology.

There are several video gaming platforms that have adopted blockchain technology. There are companies that have even started working with different blockchain networks to launch NFT(s). These non-fungible tokens (NFTs) allow the gaming companies to interact with their followers and fans on a different level.

With the help of blockchain technology, several other sectors have made their daily data tracking activities much easier. Recently, it was China that announced the launch of a blockchain-based hospital. Then it was Georgia, which announced that it will be integrating Blockchain technology into its geolocation systems.

Now, blockchain technology has found its way into the automobile sector. One of the recent developments in the automobile sector for the blockchain is the recent collaboration between major car manufacturing companies.

It has been revealed that the major car manufacturing giants Honda, BMW, and Ford have recently teamed up to work on a new project that involves blockchain-adoption.

The companies have joined hands to work on a new Vehicle Identity (VID) II Working Group. The new group has been dubbed as “Mobility Open Blockchain Initiative (MOBI). The project will be focusing on tracking the maintenance and registration of the vehicles. With the help of the technology, the dealers and the owners of the vehicle will have full visibility around the vehicles.

The data gathered with the help of the tool will be tamper-proof and will carry details around the mileage and damage history of the vehicle.

It has been revealed that the working group will be chaired and overseen by Ford and BMW. More members of the group include the AutoData Group, Amazon Web Services, DMX, DENSO, Bosch, Car IQ. Some more members of the group are Kar Auction Services, Ownum, Quantstamp, Hitachi, the United Services Automobile Association, and Luxoft.

It has been revealed that the new platform will also facilitate the users when dealing with automotive financing, electric vehicle charging, and supply chain-related matters. The platform will also prove to be beneficial in matters related to autonomous vehicle data exchange.

This should be kept in mind that this is not the first time that the automobile industry has made use of blockchain technology. Another project known as carVertical is already in operation that is known for providing the history of the vehicles. The platform is based in Lithuania and uses blockchain technology for storing the providing information around the vehicles.

The project being worked on by BMW, Honda, and Ford is also supported by some more members that include Ripple, R3, Hyundai, GM, and Crypto Valley.