MOBI launches first vehicle identity standard on blockchain

Mobility Open Blockchain Initiative (MOBI) announced that its member-led Vehicle Identification Working Group has created and released the industry’s first vehicle identity (VID) standard on blockchain.

As per a press release, the move aims to decrease carbon emissions, enhance road safety, and decrease traffic congestion.

The first VID phase will concentrate on the “birth” or beginning of the vehicle’s lifecycle to establish their identities. Ford’s Alan Gordon described this as a “crucial first step” to allow participating networks to identify each other in such a way that others will also understand.

“A blockchain identity standard could enable a diverse suite of mobility applications that result in more efficient supply chains, lower-cost financing, and safer roads,” Chris Ballinger, MOBI’s Founder and CEO, said.

Then, succeeding standards will already include other important information including product definition, ownership history, and key event records. All data will be stored in an immutable master record.

“A standard for Digital Vehicle Identity will be the cornerstone of a new realm of blockchain-based solutions for the mobility ecosystem,” Sebastien Henot, VID Working Group Chair and Lab Manager of Business Innovation of Renault’s Silicon Valley Innovation, said.

Groupe Renault and Ford will lead MOBI’s VID Working Group. Meanwhile, companies including Accenture, AIOI Insurance, BMW Car Vertical, Cerebri AI, Cognizant, ConsenSys, CPChain, Dealer Market Exchange, DLT Labs, GM, Honda, Hyperledger, IBM, IOTA, Kar Auction Services, Luxoft, MintBit, Netsol Tech, Oaken Innovations, On The Road Lending, Trusted IoT Alliance, and Xapix will offer full support. Other than the working group, formal verification experts will also assess the standards.

Just recently, venture capital firm Outlier Ventures announced an initiative called The Convergence Alliance, which aims to “enable a new open data economy built on the decentralized web.” MOBI is one of the 18 global founding members.