Blockchain vehicle “birth certificates” will provide an immutable record of a car’s identity and maintenance history and thus reduce scams
Buying a car can be a risky business when there are unscrupulous sellers who resort to scams such as changing the mileage of cars. But this kind of practice can disappear thanks to the identities of the vehicles recorded on the blockchain.
A non-profit start-up, the Mobility Open Blockchain Initiative (MOBI), announced yesterday its Vehicle Identity (VID) II Working Group partnered with Ford, BMW and other market and blockchain leaders to release the second installment of the industry’s vehicle identity on blockchain.
The VID II standard will be like a birth certificate for cars which will focus on the registration of vehicles and the traceability of their maintenance. Registering a car on the blockchain means that vehicle registration systems in different states and countries will be able to use a shared, secure and trusted registry to communicate.
At the same time, insurers and regulators will have access to an unbreakable history of maintenance traceability and buyers will be able to avoid cars with incorrect mileage, damage or maintenance history.
Tram Vo, Managing Director and Co-Founder of MOBI, explained: “ A secure digital identity for vehicles lays the foundation for a fully automatic network for usage-based transport services. We hope that this frictionless value transfer network in the new economy of movement will open up new possibilities for monetizing vehicles, services, data and infrastructure that could bring in trillions of dollars. “.
Ford and BMW co-chaired MOBI’s VID II working group with the support of a host of other companies and NGOs, including IBM, Bosch, Honda, USAA, Car IQ and Accenture.
Cynthia Flanigan, Director of Automotive Research and Technology at Ford, added: “ Ford believes this research into vehicle identity technology could lead to better ownership experiences. We also believe that this technology could help simplify the purchasing process in the future. “.
VID II’s improved asset visibility provides insight into where data is coming from and more use cases, such as autonomous vehicle data exchange, auto finance, and electric vehicle charging .
VID II will provide more reliable registration for both buyer and seller, making vehicle registration and maintenance safer, more efficient and more transparent.
Translated by Carolane de Palmas