A Blockchain Coalition By World's Largest Automakers: Ford, Renault, BMW & General Motors

World's largest automakers have joined tech providers and startups from forming the biggest-ever consortium focused on applying blockchain tech in the automotive sector.

The Mobility Open Blockchain Initiative (MOBI) revealed on Tuesday the founding members including BMW, Ford, General Motors & Renault and also car-parts manufacturers like Bosch and ZF as well as major companies (Accenture, IBM) and blockchain industry groups (Consensys, Hyperledger).

IBM and ZF tested a crypto car wallet last year with other proof-of-concepts. The consortium perhaps distinguishes itself through its broad representation, as well as the participation from groups backing both private and public blockchain systems.

Rather than push a particular type of distributed ledger, MOBI aims to create common standards and APIs to enable payments and data-sharing between cars - all in service of driving forward a new digital mobility ecosystem, from ride-sharing to self-driving vehicles and everything in between.

Chris Ballinger, the chairman and CEO of MOBI, said that in his previous job at Toyota Research Institute he realized the need for a consortium after conducting several blockchain proofs-of-concept with startups. What is required to move those forward, he said, is a decentralized business network.

"You really have to have common standards and common ways for cars to communicate, to identify themselves and make payments. But if each auto company is trying to develop its own car wallets or its own way of paying tolls, or providing a ride sharing service, it just doesn't work, it's the Tower of Babel."

And while he started a fledgling consortium during his time at Toyota, Ballinger's company was the only automaker on board with the idea. Still, it's a concept that seems to have gained some steam with MOBI coming out of the gate with members that account for 70 percent of global car production, along with 30 other partners.

Dan Harple, the CEO of Context Labs, who is working closely with Ballinger, said the new consortium's first step will be to establish a "minimum viable ecosystem" for gaining network effect.

The work will kick off with in-person member meetings to form project teams for areas such as vehicle identity and data tracking; ride sharing; mobility ecosystem commerce; and data markets for autonomous and human driving.