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Ford, BMW again blockchain ‘delivery certificates’ to fight used automotive fraud

01/20/2021

A worldwide automotive consortium is leveraging blockchain-based “delivery certificates” to trace the acquisition and upkeep historical past of secondhand automobiles.

The Mobility Open Blockchain Initiative, or MOBI, a non-profit consortium of the world’s prime car producers together with Ford and BMW, has launched an initiative to fight fraud within the secondhand markets with blockchain-powered “delivery certificates.”

The initiative will leverage blockchain to trace the registration and upkeep historical past of automobiles utilizing MOBI’s second car identification commonplace, “VID II.” The system will assist scale back fraud within the used car markets, with an announcement stating:

 “Automobile registration on blockchain permits previously disconnected car registration methods between states and nations to attach utilizing a safe, shared, and trusted ledger. Upkeep traceability will present a tamper-proof historical past to consumers, regulators, and insurers, due to this fact lowering car info asymmetry.”

MOBI’s VID II working group is co-chaired by BMW and Ford, with Honda, IBM, Hitachi America, and Quantstamp additionally supporting the initiative, amongst others.

The VID II commonplace builds on VID I, describing quite a lot of utilities for the group’s car delivery certificates. “A safe digital car identification units the inspiration for a totally automated community for usage-based transportation companies,” stated MOBI COO and Co-Founder, Tram Vo, including:

“We anticipate this community for frictionless switch of worth within the New Economic system of Motion to open up trillions of {dollars} of recent alternatives to monetize automobiles, companies, knowledge, and infrastructure.”

The group additionally envisages software for the usual inside the context of automotive financing, electrical car charging, and autonomous knowledge change.

MOBI introduced its formation in Might 2018, stating its mission is to speed up the adoption of blockchain within the automotive business by way of adopting a collaborative, open-source strategy to creating instruments and requirements.

In October, MOBI launched a worldwide commonplace for integrating blockchain into decentralized electrical car charging networks. The usual detailed methods for “vehicle-to-grid integration” to permit automobiles to retailer extra renewable power generated by wind and photo voltaic, along with “tokenized carbon credit,” and “peer-to-peer purposes.”