On January 20, local time, BMW, Ford and some mainstream technology companies all expressed their support for a new blockchain project that assigns “birth certificates” to vehicles. The focus of the project is to develop technology that can track vehicles from the production process. It includes records that can track when the vehicle changed hands, repair history, mileage, and all past damages.
Concept map of automobile blockchain (picture source: MOBI)
The developer of the system, the Mobile Travel Open Blockchain Alliance (MOBI), stated that the system can also prevent second-hand sellers from misleading buyers, eliminate tools such as recalculators, and better track and protect the "true identity" of vehicles.
Blockchain technology is a way to create a tamper-proof record of car history. The solution will be based on the vehicle identity I (VID I) standard, called "vehicle birth certificate"; and the second version of vehicle identity II will use the blockchain technology to connect vehicles with different countries, different states, and different organizations. The records held are connected together.
Blockchain is a digital ledger that contains records that are difficult to tamper with or change, because multiple copies of records are stored in different "nodes" of the chain. MOBI intends to create a system that brings together records from different sources to truly reflect the condition of the vehicle.
MOBI stated: “Registering a vehicle on the blockchain can connect vehicle registration systems that were previously unconnected in different states and countries using a secure, shared, and trusted ledger. The traceability of vehicle maintenance records is also for buyers. , Regulatory agencies and insurance companies provide a tamper-proof historical record, thereby reducing the asymmetry of vehicle information."
"Buyer's attention" is a commonly used phrase used to remind consumers of risks when buying second-hand goods. However, the recording system based on blockchain technology can reduce the risk of false statements and fraud when buying cars in the future, and insurance companies can also benefit from this. beneficial. Other use cases for blockchain solutions include auto finance and data exchange for autonomous vehicles.
Ford and BMW are the co-chairs of the MOBI VID II working group, and companies such as AWS, Accenture, Bosch, Car IQ, Honda and IBM also support the project. MOBI predicts that the VID standard and other blockchain standards in the field of mobile travel will eventually take a place in creating new automotive business models and new travel services.
(Source: Qilu One Point)