“Blockchain and related trust-enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles,” said Ballinger in a press release announcing the consortium’s establishment in May 2018.
“By bringing together automakers, suppliers, startups and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”
With the help of tech companies who are also part of the MOBI consortium such as Bosch, Blockchain at Berkeley, Hyperledger, Fetch.ai, IBM and IOTA, the carmakers will begin a joint study this month with a view to achieve this objective, it was reported by Nikkei Asian Review.
The initiative is a sign of the times; with a report from Bloomberg New Energy Finance last week stating that peak petrol car sales may already have been passed. All involved carmakers have either already made inroads into electric car production (in the case of BMW and Renault or, at the very least, are committing to going electric in the not-too-distant future (take GM, Ford and Honda).
Although blockchain has been met with a degree of skepticism due to hype around cryptocurrencies like Bitcoin, it has the potential to deliver secure and decentralised data exchange for complex interactions such as grid management.
“We are convinced … that blockchains represent a real opportunity and will eventually break up the established, centralised market by making it possible to create more decentralized platforms and so give consumers more control over their data,” said Andre Luckow, who heads blockchain and distributed ledger technologies at the BMW Group in a statement on BMW’s website in February.