IOTA and Automotive Brands Join the Blockchain

The Future Blockchain Summit was held in Dubai on May 1 2018, Some major announcements, from automotive manufacturers like Ford, Renault, General Motors and BMW came in, who have joined MOBI (Mobility Open Blockchain Initiative). Apart from these superpowers in the automobile industry, other big car companies like Bosch, Porsche and tech giant IBM are also on board!

The MOBI aims at using blockchain in order to make mobility affordable, greener and safer.

Following the announcement of MOBI, another statement was released by IOTA foundation — the foundation will be joining the automotive consortium as well. IOTA foundation aims at supporting the development and standardization of the new distributed ledger technologies.
MOBI wants to develop an ecosystem where businessmen as well as customers have secure access to their driving data, can manage different transactions and store all the vehicle related information like vehicle identity and usage information. Here blockchain can play a major role! It will help in storing the vehicle data and create transparency in the dealerships and supply chains.

Initially, MOBI and its partners will be focusing on following projects:

• Vehicle identity, history and data tracking

• Autonomous machine and vehicle payments

• Car sharing and ride hailing

• Secure mobile commerce

• Supply chain tracking and efficiency

• Usage based mobility pricing

Given the names MOBI has onboard, it looks to be a promising venture. The interesting thing will be the projects that will come up and their impact on the automotive industry as a whole! They can make quick progress in accelerating the adoption of blockchain technology within automotive industry!