The Mobility Open Blockchain Initiative (MOBI), a non-profit consortium of the world’s leading vehicle manufacturers, including Ford and BMW, has launched an initiative to fight fraud in the used markets with blockchain-based “birth certificates”.
The initiative will use blockchain to track the registration and maintenance history of vehicles using the second MOBI vehicle identification standard “VID II”. The system will help reduce fraud in the used vehicle markets. The announcement reads:
“With vehicle registration in blockchain, previously separate vehicle registration systems between states and countries can be connected via a secure, shared and trustworthy ledger. The traceability of maintenance provides buyers, regulators and insurers with a tamper-proof history, thus reducing the asymmetry of vehicle information. “
MOBI’s VID II working group is jointly led by BMW and Ford, with Honda, IBM, Hitachi America and Quantstamp supporting the initiative, among others.
The VID II standard builds on VID I and describes a variety of utilities for the group’s vehicle birth certificate. “A secure digital vehicle identity forms the basis for a fully automated network for usage-based transport services,” said MOBI COO and co-founder Tram Vo, adding:
“We expect that this network will open up trillions of dollars in new ways to monetize vehicles, services, data and infrastructure for smooth value transfer in the New Economy of Movement.”
The group also plans to apply the standard in the context of automobile financing, electric vehicle charging and autonomous data exchange.
MOBI announced its creation in May 2018 and stated its mission was to accelerate the adoption of blockchain in the automotive industry through an open source collaborative approach to the development of tools and standards.
In October, MOBI launched a global standard for integrating blockchain into decentralized charging systems for electric vehicles. The detailed standard systems for “vehicle-to-grid integration”, with which vehicles can store excess renewable energy from wind and sun, in addition to “tokenized carbon credits” and “peer-to-peer applications”.