Dubai: Some of the largest carmakers in the world, including BMW, Ford, and GM, have banded together to launch the Mobility Open Blockchain Initiative (Mobi), with the broad aim of making transportation “safer, more affordable, and more widely accessible using blockchain technology.”
The announcement came on the first day of the Future Blockchain Summit in Dubai, running from May 2 to May 3 at the Dubai World Trade Centre (DWTC).
According to a press release from the group, Mobi is actively working with companies accounting for over 70 per cent of global vehicle production in terms of the market share.
Teaming up with large software providers, the car manufacturers say they seek to foster an ecosystem where “businesses and consumers have security and sovereignty over their driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information.”
Chris Ballinger, former chief financial officer and director of mobility services at Toyota Research Institute, has been announced as the group’s chairman and CEO, in charge of coordinating the initiative.
“Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles. By bringing together automakers, suppliers, start-ups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities,” Ballinger said in a statement.
