The Mobility Open Blockchain Initiative, or MOBI, a non-profit group of the world’s leading automotive manufacturers, including Ford and BMW, has introduced an initiative to address second-hand fraud in blockchain-powered “birth certificates.”
The project would use blockchain to track vehicle registration and servicing records using MOBI’s second vehicle identification method, “VID II.” The technology would also mitigate fraud in the used car markets, with an announcement stating:
“Vehicle registration on blockchain allows formerly disconnected vehicle registration systems between states and countries to connect using a secure, shared, and trusted ledger. Maintenance traceability will provide a tamper-proof history to buyers, regulators, and insurers, therefore reducing vehicle information asymmetry.”
The MOBI VID II Working Group is co-chaired by BMW and Ford, with Honda, IBM, Hitachi America and Quantstamp, among others, joining the project.
The VID II standard is based on VID I, which defines a range of utilities for the vehicle birth certificate community. “Secure digital vehicle identity is the foundation for a fully automatic network for use-based transport services,” said MOBI COO and Co-Founder Tram Vo, adding:
“We expect this network for frictionless transfer of value in the New Economy of Movement to open up trillions of dollars of new opportunities to monetize vehicles, services, data, and infrastructure.”
The group also envisages application for the standard within the context of automotive financing, electric vehicle charging, and autonomous data exchange.
MOBI announced its founding in May 2018, saying that its goal is to promote the implementation of blockchain in the automotive industry by embracing a shared, open-source approach to the production of tools and standards.
In October, MOBI released a global standard for the introduction of blockchain into autonomous electric vehicle charging networks. Normal comprehensive schemes for “vehicle-to-grid integration” to allow vehicles to store excess renewable energy generated by wind and solar energy, in addition to “tokenized carbon credits” and “peer-to-peer applications.”
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