carVertical Joins The Mobility Open Blockchain Initiative (MOBI)

by carVertical
July 11, 2018
by carVertical
July 11, 2018

carVertical, world’s first blockchain-based global and decentralized car history registry, has joined the Mobility Open Blockchain Initiative (MOBI), a global consortium aiming to speed up an adoption of blockchain technology in automotive industry.

Founded this May, MOBI could be called the elite mobility industry club uniting more than 30 companies and organizations. This includes four of the world’s largest automakers – BMW, Ford, Renault and General Motors – as well as such giants as IBM, Bosch, public transportation providers, energy companies, insurance firms and regulatory bodies.

On the whole, MOBI is actively working with companies accounting for over 70% of the global vehicle production in terms of market share.

Sharing the same goals

As digitalization turns cars into mobile computers on wheels, blockchain seems to be the most efficient and fastest way to help these computers communicate with each other or with people, because it eliminates a need of a governing central third party.

Therefore, automotive industry leaders are actively searching for new possibilities in the field. According to Frost & Sullivan study, automotive ecosystem participants will spend 0.6% of their total IT spend on blockchain by 2025.

MOBI aims to make mobility services more efficient, affordable, greener, safer, and less congested by promoting standards and accelerating adoption of blockchain, distributed ledger, and related technologies.

In other words, MOBI’s ultimate goal is decentralization which gives the consumers control over their data – the same idea which is the essence of carVertical.

“We’re working to enable every car buyer around the globe to get authentic and non-faked information about the specific vehicle. This way of blockchain adoption is exactly what MOBI fosters,” highlights Rokas Medonis, co-founder and CEO of carVertical.

Initially, MOBI has announced to begin working with its partners on projects related to:

  • Vehicle identity, history and data tracking
  • Supply chain tracking, transparency, and efficiency
  • Autonomous machine and vehicle payments
  • Secure mobility ecosystem commerce
  • Data markets for autonomous and human driving
  • Car sharing and ride hailing
  • Usage-based mobility pricing and payments for vehicles, insurance, energy, congestion, pollution, infrastructure, etc.

Future is bright

According to Chris Ballinger, MOBI Chairman and CEO, blockchain and related trust enhancing technologies “are poised to redefine” how consumers purchase, insure and use their vehicles. MOBI seeks to accelerate the adoption by bringing all most important industry players together.

“Blockchain is taking first steps in the automotive industry. Usually, at this stage of development everybody goes in different directions. As the global car history registry, we strongly support MOBI’s aim to join the efforts and set industry standards that will let all the industry develop faster and more efficiently,” says Mr. Medonis.

From the business perspective, carVertical gains amazing new opportunities. Company has been granted an access to the invaluable expertise of MOBI network and, of course, a right to be a decision maker in blockchain adoption process in the global automobile industry.