The Mobility Open Blockchain Initiative (MOBI) is working with BMW, Ford, GM, Groupe Renault, Honda, and other automakers to develop a multi-stakeholder Proof of Concept (PoC) for a blockchain-based Vehicle Identity (VID). In September, MOBI members launched an important joint initiative to test implementation of the first VID standard, released earlier this year, taking a critical step towards the new economy of movement with blockchain.
Blockchain-based VID makes it easy to associate vehicle payments directly to a vehicle rather than needing a payment account associated with a person or business. Smart contracts can then enable direct and low-cost micropayments to and from multiple parties in response to detectable events. This will accelerate existing trends toward pay per use mobility and mobility as a service.
Vehicle digital identities also facilitate the creation of mobility networks, in which vehicles can communicate with each other and track movement: speed, location, the direction of travel, braking, and even intention. Thus, blockchain and vehicle identity unlock safer roadsharing. The release of the first VID standard was a crucial first step in creating an ecosystem in which vehicles can securely identify themselves and communicate with other vehicles. Development of common protocols and ways of communicating are critical to adoption of new technology. Through standards development, MOBI and its partner standard bodies spur innovation and speed development.