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Blockchain, Featured, News, Technology

The MOBI Uses Birth Certificates to Combat Car Fraud in the Second Hand Vehicle Market

The MOBI also referred to as the Mobility Open Blockchain Initiative happens to be a nonprofit consortium concerning the top vehicle manufacturers in the world that includes BMW as well as Ford. This consortium has just launched an initiative for combating fraud among the second-hand markets by utilizing blockchain-powered birth certificates. 

Role of MOBI’s Initiative

The initiative aims to leverage blockchain technology for tracking the maintenance history and registration of vehicles. It does so by utilizing the second vehicle identification standard, VID II, of the Mobility Open Blockchain Initiative. Such a system is likely to help decrease fraud within the used vehicle markets. Registering vehicle information on a blockchain network facilitates formally disconnected vehicle registration systems among countries and states to connect by utilizing a shared, trusted, and secure ledger. 

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Owing to a secure and tamper-proof blockchain technology, maintenance traceability is likely to provide a tamper-proof history to insurers regulators, and buyers thereby decreasing vehicle data asymmetry. The working group of the initiative happens to be co-chaired by Ford and BMW, along with IBM, Hitachi America, Honda, and Quantstamp supporting the initiative among all others. 

The Initiative’s Standard

The standard of the initiative is built on VID I, indicating a wide assortment of utilities concerning the birth certificate of the group’s vehicle. It happens to be a secure digital identity of vehicles that sets the base concerning a wholly automatic network for usage-based services on transportation. Apart from that it also envisages the usage for standards in the context of electric vehicle charging, autonomous data exchange, and automotive financing. 

Also Read: 5 Tips for Implementing Blockchain in Your Business Beyond Cryptocurrency

Final Remarks

According to the announcement, MOBI started its mission for accelerating the adoption of blockchain technology within the automotive industry, thereby adopting an open-source and collaborative approach to developing standards and tools. Owing to a global standard to integrate blockchain technology into decentralized electric charging networks of vehicles, the initiative allows vehicles to store excess renewable energy generated by solar and wind, apart from peer to peer applications and tokenized carbon credits. 

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