The best regulated crypto exchange
Find out why?

First digital vehicle ID system using blockchain to be tested by Honda and BMW

By Ramla Soni

Automakers including Honda, BMW and Renault are to begin field tests in the US for the industry’s first blockchain-based vehicle identification system

The industry's first vehicle identification (VID) standard using blockchain technology would be used to recognise cars on the road and allow drivers to automatically pay tolls or parking fees without the need for cash or cards.

Subsequent VID phases will add additional product definition, ownership history, and a log of key-events in the vehicle’s lifecycle. The result will be a trusted and immutable master record of the vehicle’s history and data usage.

The VID is the main data key to a vehicle’s existence, behaviour, and performance, supporting data transparency, coordination, and automation among stakeholders throughout its lifecycle.

The initiative has been developed under Mobility Open Blockchain (MOBI) member-led Vehicle Identification Working Group, an international association supporting such projects.

MOBI’s VID Working Group is chaired by Groupe Renault and Ford, with support from global automotive leaders, start-ups, and large technology companies including Accenture, BMW, Car Vertical, DLT Labs, GM, Honda, Hyperledger, IBM and Trusted IoT Alliance.

Chris Ballinger, MOBI’s founder and chief executive, said the aim is that these standards will “ultimately make urban environments greener, safer, and more liveable by enabling usage-based payment for congestion, pollution, and infrastructure”.

MOBI works with large global automakers, smart city initiatives, and mobility ecosystem players, along with many start-ups, non-profits, governments, transit agencies, and technology companies.

BMW AG
Trader sentiment
0%
0%
Daily change
0
Low: 0
High: 0
Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a Currency.com contributor.
Subscribe to Currency.com news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image