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BMW, Ford, and Honda have initiated the next step for its highly anticipated vehicle identification blockchain program. The project launched in 2019 has been in development, and phase 2 is expected to usher in new features.
Major automobile blockchain project
It should be recalled that the blockchain project is a coalition of three major automobile giants BMW, Ford, and Honda. The Mobility Open Blockchain Initiative (MOBI) project is also considered one that could transform the automobile industry.
MOBI is aimed at generating a unique identifier for vehicles, which will be stored on the blockchain. The first phase focused mainly on the identification and included benefits for drivers. It also had features such as automatic payment for parking and motorway fees as part of its deployment.
As explained in a press release from MOBI, this new phase expands on the initial phase by adding more features. Phase 2 will allow sharing of traceability information on repairs that have been carried out on a vehicle. This will help protect against common frauds, such as modifying the odometer or omitting accidents in the reports.
Blockchain technology deployed to scale supply management
One of the unique things about the MOBI project is the way blockchain technology is deployed. Data gotten from vehicles are stored in a distributed ledger shared between service providers and countries. Therefore it provides a tamper-proof history for buyers and helps vehicles be instantly identifiable by regulators and insurance companies.
The report also explains that the platform will also improve the supply chain for manufacturers and data used for autonomous vehicles. Andre Luckow, Head of Emerging Technologies at BMW, explains that the project is part of BMW’s broader strategy. “The architecture of the VID-2 is also an important milestone for the transformation towards an ecosystem of harmonious mobility and trust.’’ He said.
The automobile industry has also continued to adopt blockchain technology in different aspects of the industry. The supply management scale used by car manufacturers means that blockchain solutions could efficiently use cases in the sector.