The Big 4 Introduce Blockchain to Automotive Sector

From what is Blockchain to where Blockchain can be used, the world has rapidly moved on to the latest upsurge of a redefining movement in the form of Blockchain technology and becoming automotive. Now, four of the world’s largest automobile giants, BMW, Ford, General Motors and Renaults have joined hands with various firms and start-ups to introduce Blockchain technology into the car-making and development division. Bosch and ZF are also among the notable car-parts manufacturing companies that have contributed to cause of blockchain introduction in their tech department.

The Big 4 have actually founded the Mobility Open Blockchain Initiative (MOBI), which was revealed this Tuesday. The main motive is to create a cryptocurrency-run car wallet which can be used to pay tolls and sometimes share rides. The CEO of MOBI, Chris Ballinger stated that he realised the need for a consortium after the completion of his previous research job at Toyota Research Institute (TRI). He came up with several proofs-of-concept and startups while working there.

The data produced around cars is valuable and needs protection. So, the MOBI consortium has been formed to keep all the data secure and Blockchain would help the automotive industries to keep control over the data and manage it. This data is extremely important for navigation now-a-days, hence, Google, Apple and Amazon have been constantly looking to use it and therefore, Alexa of Amazon, Car play from Google etc., have been put in cars to use the car data and make navigation easy. MOBI CEO stated that the Blockchain mechanism would help in using that data and providing decentralisation at the same time which would be more than helpful.

He was confident enough in his vision and quoted, The car is the fourth screen and the next big data battleground. It is a trillion dollar prize.

Dmitriy

Having majored in Social Psychology and Economics, I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. I write financial articles for various international media. I also hold the position of a Chief Analyst at RoboForex.