The Mobility Open Blockchain Initiative (MOBI) was launched by 30 members less than a year ago. The thirty founding members include major car manufacturers like BMW, General Motors, Ford and Renault, among others and companies in other industries, like Hyperledger, Bosch, Blockchain at Berkeley, IBM and IOTA.
Blockchain Technology In The Automotive Industry
BMW has already made the news by partnering with a London-based tech start-up, to employ the blockchain technology to aid it in making sure only clean (ethical) cobalt gets into his engines. Meanwhile, Toyota – in partnership with MIT’s Media Lab and a group of partners – is independently looking at how the blockchain technology can aid it in exploring an important new wave in the automobile industry, the autonomous driving vehicle.
Bitcoin (BTC) Price Today – BTC / USD
BMW is also piloting a blockchain platform to track mileage in leased vehicles through its startup innovation program via the VerifyCar app. This is being done in partnership with blockchain technology startup DOVU.
Members of MOBI will meet in Munich at IBM’s IT center to share progress made by individual researchers thereby fast-tracking the development and deployment of such technologies across the industry.
This conference will be the beginning of what is hoped to be a fruitful coming together of companies who work in different spaces in an effort to speed up this process of tech implementation in the automotive industry in a manner which will benefit every company involved and also the consumers of the products of these various industries as well.
The blockchain is an important technology to explore as automobile companies aim to reinvent themselves by expanding into more fields, becoming more than just car manufacturers in essence. There are very huge areas where the blockchain can be effectively used in the vast – and ever expanding – automotive industry, beginning with the sourcing of materials, to keeping track of materials used in manufacturing, all the way to ride-sharing reward programs.
The automotive industry is one industry that is always on the cutting edge, driven by competition and consumer demands. It, therefore, makes sense that the likes of BMW, GM, Ford and all these giants of the automotive space are not afraid to open themselves up to the potential of the blockchain in order to boost their enterprises.
Cars – like pretty much every other product out there – have shifted (or are shifting) from being purely industrial endeavors to highly technical ones and for that reason, it would be absurd, even suicidal for any of them to close their eyes to technologies like the blockchain, AI, IoT and more. The relevance of the automotive industry in the future, in fact, depends on these technologies, every car company is trying to transition and incorporate these technologies into its enterprise to enhance efficiency, productivity, and consumer satisfaction, while at the same time cutting costs.
It’s a partnership that looks good on paper and should bear much fruit for the participants in the many years to come. Much to the benefit of the consumers of these industries and the companies themselves.
Blockchain technology is finding many use cases in the automobile industry. Do you think the benefits to the consumers will be as much as the benefit to corporations? Share your comments below.