The Mobility Open Blockchain Initiative has partnered with a consortium of automakers to develop a rroof of concept for a blockchain-based vehicle identity platform.
The concept will be based on a vehicle identity standard which was released by members of the Mobility Open Blockchain Initiative in September this year.
Using blockchain for vehicle identity makes it easy to associate vehicle payments directly to a vehicle rather than needing a payment account associated with a person or business.
Smart contracts can then enable direct and low-cost micropayments to and from multiple parties in response to detectable events.
Using blockchain for vehicle identity will accelerate the adoption of pay per use mobility and mobility-as-a-service business cases.
The concept is also expected to create an ecosystem in which vehicles can communicate with each other and track movement, speed, location, the direction of travel, braking and even intention.
This will unlock safer road-sharing and the adoption of greener and intelligent vehicles, according to a statement.
Automakers participating in the development of the Proof of Concept include BMW, Ford, GM, Groupe Renault and Honda.
Chris Ballinger, CEO of MOBI, said: "Creating a trusted digital identity for a vehicle unlocks the potential for a mobility payments network, including V2V/V2X transactions, electric vehicle to grid integration, usage-based services, fleet operations, congestion pricing, carbon footprint management, and more.
"We are delighted that a large segment of the industry is partnering with MOBI to build the foundation to prove existence, manage access control, confirm product definition and ownership history, and track events in the life of a vehicle.''
"The Vehicle Identity Standard is a critical enabler for future blockchain-based vehicle and mobility services. We are excited to participate in the multi-stakeholder Proof-of-Concept to foster the advancement of the standard and to explore its application," shared Andre Luckow, Head of Distributed Ledger and Emerging Technologies at BMW Group.