The Mobility Open Blockchain Initiative, or MOBI, a non-profit consortium of the world’s top car manufacturers, including Ford and BMW, has launched an initiative to fight fraud in the second-hand markets with blockchain-powered ‘birth certificates’.
The initiative uses blockchain to track vehicle registration and maintenance history using MOBI’s second vehicle identification standard, “VID II.” The system helps reduce fraud in the used vehicle markets, with an announcement stating:
“Vehicle registration on blockchain allows previously disconnected vehicle registration systems to connect between states and countries through a secure, shared and trusted ledger. Service traceability provides buyers, regulators and insurers with a tamper-resistant history, reducing vehicle information asymmetry. “
The MOBI VID II working group is chaired by BMW and Ford, with Honda, IBM, Hitachi America and Quantstamp, among others, also supporting the initiative.
The VID II standard builds on VID I and describes a series of vehicle birth certificate tools. “A secure digital vehicle identity is the foundation for a fully automatic network for usage-based transportation services,” said MOBI COO and co-founder, Tram Vo, adding:
“We expect this network to open up trillions of dollars in new opportunities to monetize vehicles, services, data and infrastructure for smooth value transfers in the new moving economy.”
The group is also considering applying the standard in the context of car financing, electric vehicle charging and autonomous data exchange.
MOBI announced its establishment in May 2018, stating that it has the mission of approving blockchain in the automotive industry by applying a collaborative, open-source approach to developing tools and standards.
In October, MOBI launched a global standard for integrating blockchain in decentralized electric vehicle charging networks. The standard detailed systems for ‘vehicle-to-grid integration’ to enable vehicles to store surplus renewable energy generated by wind and solar energy, in addition to ‘tokenized carbon credits’ and ‘peer-to-peer applications’ .