The Mobility Open Blockchain Initiative (MOBI) developed a standard of identity on the Blockchain in a working group with well-known carmakers. As a press release reveals, the Vehicle Identity Standard (VID) is the first vehicle identification system that incorporates blockchain technology.
The Renault Group, Ford, General Motors (GM), Honda and BMW are members of MOBI. In total, more than 20 companies took part in the project. Hyperledger also participated in the design of the VID. Ford and Renault are apparently the team leaders.
VID: The next big thing in the car industry?
According to MOBI, the VID is aiming for nothing less than to become the basis for the car industry of the future. For example, it is going to help carmakers to increase traffic safety and reduce CO2 emissions.
The first phase of the project involves the equipping of newly produced vehicles with the VID. It also has the potential to record and track events in vehicle history.
These include, for example, owner changes, repairs and insurance claims. This key event tracking is the key outcome of incorporating an identity standard in cars. “The result is a trusted and unalterable record of vehicle history and data usage,” the press release states.
The benefit of blockchain for the VID
Chris Ballinger, CEO of MOBI, also commented on the benefits of blockchain-based vehicle identification.
A blockchain identity standard could enable a diverse suite of mobility applications that result in more efficient supply-chains, lower-cost financing, and safer roads. We hope these standards will ultimately make urban environments greener, safer, and more livable by enabling usage-based payment for congestion, pollution, and infrastructure.
As an integrated project of different companies dealing with the future of mobility, the Vehicle Identity Standard is the first step towards a digital revolution in the automotive industry. The dedicated use of blockchain technology for these purposes suggests a real rethinking in the boards of major corporations.
These corporations seem to have recognized the usefulness of Blockchain for the security of its IT infrastructure. As Sebastian Henot of Renault, chairman of the VID Working Group, states,
A standard for Digital Vehicle Identity will be the cornerstone of a new realm of blockchain-based solutions for the mobility ecosystem. The creation of a blockchain ‘digital twin’ will enable connected vehicles to securely identify themselves, share data, and transact with other vehicles, infrastructure, and their environment.