A global automotive consortium uses blockchain-based “birth certificates” to track the purchase and maintenance history of used vehicles.
What is Mobi?
The Mobility Open Blockchain Initiative, or MOBI, a nonprofit consortium of the world’s leading vehicle manufacturers including Ford and BMW, has launched an initiative to combat fraud with blockchain-backed “birth certificates” in second-hand markets.
The initiative will leverage blockchain to track the registration and maintenance history of vehicles using “VID II”, MOBI’s second vehicle identification standard. The system will help reduce fraud in used vehicle markets with the following explanation:
“Vehicle registration on the blockchain allows previously disconnected vehicle registration systems to connect using a secure, shared, and trusted ledger across states and countries. Maintenance traceability reduces the asymmetry of vehicle information by providing buyers, regulators and insurers with a tamper-resistant history. ”
MOBI’s VID II working group is co-chaired by BMW and Ford, and Honda, IBM, Hitachi America and Quantstamp also support the initiative.
VID II standard
The VID II standard is built on VID I, which describes various utilities for the group’s vehicle birth certificate. “A secure digital vehicle identity forms the basis for a fully automated network for usage-based transport services,” says MOBI COO and Co-Founder Tram Vo.
The group also envisions implementation for the standard in the context of automotive financing, electric vehicle charging and autonomous data exchange.
MOBI announced its formation in May 2018 and stated that its mission is to accelerate blockchain adoption in the automotive industry by taking a collaborative, open-source approach to improving tools and standards.