Major automakers around the globe are finding a variety of ways to integrate blockchain technology in their vehicles, proving how the innovative technology can be used in a variety of applications and industries.
In 2018, the Mobility Open Blockchain Initiative (MOBI), an organization of automakers, mobility, energy and infrastructure providers, was launched to promote and expedite the integration of blockchain technology in automobiles, as well as establish industry standards. BMW, Renault, General Motors (GM) and Ford are just some of the founding members of MOBI.
MOBI Founder and CEO Chris Ballinger, a former director at Toyota, eloquently explained the significance of blockchain in the automobile industry: "Blockchain and related trust-enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles." The following year, Honda and GM, under MOBI, announced their plans to develop a technology using blockchain that will smooth the way for use of power in smart grids for electric car batteries.
Just last year, MOBI collaborated with Honda, PG&E, GM and other car manufacturers to launch the Electric Vehicle Grid Integration (EVGI) Standard, "the automotive industry's first global standard incorporating blockchain technology into a decentralized vehicle charging system."
"Today's energy markets are undergoing a massive transition from centralized power generation in big power plants, towards more distributed and volatile power generation. Decentralization and the concept of direct P2P interaction is set to become a key factor in leveraging this new market and building meaningful tools for energy-conscious end customers. The goal is to enable scalable, user-centric energy communities. The EVGI Standard represents one of the first essential building blocks for founding such an ecosystem," Honda R&D Europe Senior Project Engineer Christian Köbel said.
Likewise, Toyota has established its own Toyota Blockchain Lab after recognizing the utility of the technology in automobiles through research and demonstration trials.
#Toyota’s latest #blockchaintechnology improves information reliability and accelerates the sharing of data among multiple parties in a more open environment that is safe and secure. More info here: https://t.co/SKjYtvVZh8 pic.twitter.com/20cSsBO68k
— Toyota Motor Corp. (@ToyotaMotorCorp) March 16, 2020
Several weeks ago, Chinese car manufacturer SAIC Motor's MG announced that it would soon release MG Astor as the first-ever SUV in India with a digital passport. By partnering with local blockchain-based firm Koinearth, the MG Astor will have a digital passport that will record the vehicle's driving data that includes gas mileage, speed, and maintenance services, among other things.
Insurance companies, resellers and other car manufacturers may be allowed access to the data on the digital passport, which will help them make more informed decisions. Because the digital passport exists on the blockchain, data is immutably and chronologically recorded. This ensures data has not been tampered with.
These major automobile firms have all decided to invest in blockchain technology and integrate them in their vehicles with a number of different uses. And these are all clear pieces of evidence that blockchain is extremely useful in the automobile industry. However, not just any kind of blockchain would do as these platforms would generate a massive amount of data.
A highly scalable blockchain that is efficient enough to process instant and secure transactions at a low cost is ideal for large global enterprises, such as automakers. A very good example of this is the BSV blockchain, which is unique in its capacity for unbounded scaling as demonstrated by the recent record-breaking 2GB block mined on its network at a current average fee of $0.037 per transaction. Already, BSV is the world's largest public blockchain by all major utility metrics-from data storage and daily transaction volume, to scaling ability and average block size.
With the use of blockchain technology on the rise in the automobile industry, car manufacturers better step up their game before they are left behind.
* This is a contributed article and this content does not necessarily represent the views of sciencetimes.com
