The Mobility Open Blockchain Initiative, or MOBI, a non-profit consortium of the world’s leading automakers, including Ford and BMW, has launched an initiative to combat secondary market fraud using blockchain-based birth certificates.
The initiative will use blockchain to track vehicle registration and maintenance using MOBI’s second vehicle identification standard, VID II. The system will help reduce the level of fraud in the used car market with a message that says:
“Blockchain vehicle registration allows previously disrupted international and rural vehicle registration systems to communicate through a secure, shared and reliable register. Traceability for maintenance will give buyers, regulators and insurance companies a tamper-proof history, which will reduce asymmetry in vehicle information.”
BMW and Ford chair the MOBI VID II working group, and the initiative has been supported by Honda, IBM, Hitachi America and Quantstamp.
The VID II standard is based on VID I, which describes the various facilities of a collective birth certificate. “Secure digital vehicle identification lays the foundation for a fully automated network of utility-based transportation services,” said MOBI COO and co-founder of Tram Vo, adding:
“We expect that this network will seamlessly transfer value in the new traffic economy, freeing up trillions of dollars in new opportunities for investment in cars, services, data and infrastructure.”
The group also plans to apply the standard in connection with car financing, charging of electric vehicles and independent data exchange.
MOBI announced its establishment in May 2018 and stated that the mission is to accelerate the adoption of blockchain in the automotive industry by adopting an open source collaboration approach to developing tools and standards.
In October, MOBI launched a global standard for blockchain integration in decentralized networks for charging electric vehicles. Standard “vehicle network integration” pellet systems allow vehicles to store excess renewable energy from wind and solar energy, as well as “prestigious carbon credits” and “peer-to-peer applications”.