Ford, BMW, GM and Renault have created a group to study the possibilities of blockchain

A group of major automakers have formed a consortium to explore the use of blockchain technology to make transportation safer. MOBI, as the group is called, was launched by major auto industry giants Ford, General Motors, BWM and Renault, along with other founding members including IBM, Bosch and Accenture.

The consortium's goal is to explore how to use blockchain technology to process data on driving conditions, rideshare services and car sharing, as well as vehicle registration numbers.

“Blockchain technology and other related technologies have the potential to transform the automotive industry and improve the process of purchasing, insuring and using vehicles,” said Chris Ballinger, CEO and Chairman of the MOBI Initiative, who joined the group. He previously served as CFO at Toyota Research Institute.

“By connecting automakers, suppliers, startups and government agencies, we can accelerate these processes for the benefit of companies, consumers and communities.”

MOBI partners also include Aioi Nissay Dowa Insurance Services, Blockchain at Berkeley, Chronicled, ConsenSys Systems, Context Labs, Crypto Valley Association, Dashride, Deon Digital AG, Digital Twin Labs, DOVU, Fetch.ai, FOAM, Hyperledger, the IOTA Foundation, Luxoft, MotionWerk, Ocean Protocol, Outlier Ventures, Ride Austin, Shift, Spherical Analytics, the Trusted IoT Alliance, Xain, ZF Friedrichshafen AG and others.

Blockchain technology distributes information across a network of independent computers, making transactions secure, protecting property rights and data integrity. The goal of the consortium is to allow partners to create trusting and transparent relationships with users, minimize the risk of fraud and reduce transaction costs, and make payments without intermediaries.

According to https://www.mediapost.com