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Home / Blockchain / MOBI Releases the Second Iteration of Blockchain Vehicle Identity Ledger

MOBI Releases the Second Iteration of Blockchain Vehicle Identity Ledger

Published Tue, Feb 09 2021 15:12 pm
by Sangeetha Arunkumar

Mobi
 

 

MOBI - Consortium for Blockchain Innovation

 

The Mobility Open Blockchain Initiative (MOBI) is a new consortium for blockchain innovation in the mobility industry  launched at the Dubai Future Blockchain Summit on May 2, 2018. Leading automakers like Renault, Ford, GM, BMW had founded this consortium and expanded to other mobility sectors like railway and public transit. Members of MOBI includes Blockchain and Technology startups and premier organizations such as IBM, Accenture, ConsenSys, NGOs, and academic institutions like World Economic Forum and Blockchain at Berkeley. They all believe in the multi-party and cooperative development of new blockchain technology solutions for the industry. 

 

Also read: Blockchain in Self-Sovereign Digital Identity with IdentiMint

 

Digital Vehicle Identification System

 

In collaboration with the leading automakers, MOBI announced the industry’s First Vehicle Identity (VID) standard incorporating Blockchain technology into a digital vehicle identification system on July 17, 2019. This first iteration of VID focused on the “birth” of the vehicle to provide a master record for the vehicles’ creation date. VID standard emerged as the primary step to the digital evolution of the automotive and mobility industries. The first release itself proposed the subsequent VID phase with the additional features of product definition, ownership history, and vehicle’s lifecycle, which entirely covers the trusted immutable master record of the vehicle’s history and data usage. 

 

The nonprofit alliance MOBI  formed to accelerate the adoption and promoting standards of blockchain, benefiting smart cities and mobility industries, has now released the second iteration of Vehicle Identity(VID) Standard Blockchain technology that leverages VID I Standard. The working group of MOBI focuses on the two new use cases, vehicle registration and maintenance traceability into the ledger. Vehicle Registration enforces a secure, shared, and trusted ledger by connecting the formerly disconnected vehicle registration systems between states and countries. On the other hand, Maintenance traceability reduces vehicle information asymmetry by providing an inviolable history to buyers, regulators, and insurers. 

 

The VID II Standard production was co-chaired by BMW and Ford, with supporting automotive companies, startups, and tech companies like Accenture, AutoData Group, CarIQ, Honda, IBM, Quantstamp. MOBI and its member group anticipate the progression to revolutionize the mobility industry. Andre Luckow, Head of emerging technologies in BMW, said, “The reference architecture in the VID II standard is a crucial building block in the transformation to a frictionless and trusted mobility ecosystem”.

 

You may also read: Blockchain Technology and Hybrid Electric Vehicle Can Help to Reduce Air Pollution

 

BMW has already initiated its implementation of blockchain technology in various fields. It continues to use this technology in supply chain management to track and trace raw materials components at multi-stage right from the order placed to the destination with complete vision. With this blockchain technology, VID II has a leap forward to more transparent, efficient, and safer for both buyer and seller in vehicle registration and maintenance to have a more reliable record that can open up possibilities for increased market value and security.

 

MOBI COO and co-founder Tram Vo, in a statement, “A secure digital vehicle identity sets the foundation for a fully automatic network for usage-based transportation services (which will) open up trillions of dollars of new opportunities to monetize vehicles, services, data, and infrastructure”.

 

Also read: Track And Trace Technology Is The Disruption Automotive Logistics Needs

 

 

 

 

 

Image Source: dlt.mobi