Four major automakers have joined forces with technology companies to lay the groundwork for open-source blockchain technology in cars, the companies announced Wednesday.
BMW, Ford Motor, General Motors, Groupe Renault are founding partners in the Mobility Open Blockchain Initiative (MOBI). Other partners include Bosch, Accenture and IBM.
The group seeks “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,” according to a news release.
Chris Ballinger, former chief financial officer and director of Mobility Services at Toyota Research Institute, has joined MOBI as chairman and CEO.
“Blockchain and related trust-enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles,” Ballinger said. Read more here.