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Blockchain or distributed ledger technology (DLT), which initially took the global financial sector by storm, is being tested and implemented across almost all industries.
In our “Blockchain Beyond Finance” series, we will look at the ongoing efforts to tap this technology’s potential in areas such as real estate, energy, media, healthcare, gaming and beyond, starting with the automotive industry.
Mobility Open Blockchain Initiative (MOBI)
In May 2018, automotive giants including the likes of BMW, Ford, General Motors, Groupe Renault, and others teamed up to form a blockchain consortium – MOBI – with the objective of harnessing the technology to make transportation safer, more affordable, and more widely accessible.
In September, the initiative announced the setting up of two working groups:
- The Vehicle Digital Identity & History working group that will work on future standards for a Digital Vehicle Identity on the blockchain, and
- The Usage-Based Insurance working group focused on establishing standards for usage-based insurance services for connected cars, autonomous vehicles, and other IoT devices
Volkswagen
In August 2018, German automaker Volkswagen announced that it was testing three concrete potential applications for distributed ledger technology (DLT):
- A mileage clocking system, which will make it difficult to tamper odometers as every odometer reading can be saved permanently using a blockchain.
- A blockchain model, being developed by Porsche in collaboration with Berlin-based start-up XAIN, aimed at protecting cars from hackers.
- A pilot study, undertaken by Volkswagen Financial Services in Great Britain, to test a blockchain model that streamlines business contact between providers and customers of electric charging stations.
Porsche
In addition to the aforementioned project undertaken by Volkswagen subsidiary Porsche, the company announced in September that it has increased its total investment in venture capital activities by EUR 150 million for the next five years, in order to gain access to trends, new technologies – artificial intelligence, blockchain, and virtual and augmented reality, and business models.
Hyundai
South Korean carmaker Hyundai is embracing blockchain via its subsidiary Hyundai Digital Asset Company (or Hdac). Hdac was founded last year by the nephew of Hyundai’s current CEO, Bitcoin.com reported.
In October 2018, Hdac Technology, which reportedly raised $260 million via an initial coin offering (ICO), announced the launch of an enterprise solution which combines blockchain and the Internet of Things (IoT).
Lamborghini
Recently, the Automoviles Lamborghini Latinoamerica, the authorized distributor and manufacturer of Lamborghini-branded vehicles and merchandise in Latin America and South America, entered into a partnership with #MetaHash in order to leverage blockchain technology.
According to the official release, Lamborghini plans to undertake a number of blockchain and crypto-focused initiatives. This includes releasing a self-branded token on #MetaHash platform, selling cars for cryptocurrencies, as well as applying blockchain to data storing and transferring in production and sales operations.
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