Some of the world’s largest automakers, including BMW and Ford, will adopt blockchain technology to prevent illegal behavior in the used car market. The Mobility Open Blockchain Initiative (MOBI) initiative will create a vehicle data record containing all maintenance history and documents.
MOBI is a non-profit organization that aims to improve the automotive market, making it more sustainable, accessible and secure through blockchain technology. It is a conglomerate of auto manufacturers including BMW, Ford, General Motors, Hyundai, Honda and others.
The new registration system is global and immutable, stored and fixed in the blockchain network. In this way, acts such as concealment of traffic accidents, flood damage, misuse, impurities, and even copying of vehicles must be avoided.
“BMW, Ford and other transport and blockchain leaders want to limit these practices by teaming up with an ambitious, nonprofit startup that develops technology to track and protect their identity. the car’s realism is better, ”said Press Release.
New car identification standards
In order to create “identity cards” for vehicles, MOBI developed so-called VID II (“Vehicle Identification”). This system allows vehicle registration in a blockchain network and will integrate information collected from multiple databases from different countries. In this way, it is not possible to let cars stolen in one country be resold in another, as the history will be made public.
“VID II is the foundation for a more transparent, efficient and secure future in vehicle registration and maintenance. More reliable documentation can open up opportunities to increase market value for sellers and a sense of security for buyers. On the other hand, vehicle registration processing agencies will benefit from more efficient history processing and tracking, ”said MOBI.
In addition to the initiatives led by Ford and BMW, the group also has the support of other major companies such as IBM, Honda, Bosch, Hitachi, General Motors and Hyundai.
Car manufacturers comment on the new technology
According to Cynthia Flanigan, Ford’s director, the company “believes that this research in vehicle identification technology could lead to a better experience for the owner”. The CEO added that she also thinks that the VID II could simplify the bureaucracy in buying used cars in the future.
“We strive to create perfect digital solutions,” said Andre Luckow, head of the emerging technology division at BMW. The reference architecture in the VID II standard is crucial in the transition to a reliable and friction-free mobile ecosystem ”.
With information: Exam