Here Are The Facts On Top Global Automakers Form Blockchain Consortium
The automotive sector is finding itself being taken up by a storm as blockchain evolves as a robust technology. Why is it so?
The Influence Of Blockchain In The Automotive Sector
It’s raining blockchain everywhere and the four of the world’s largest automobile manufacturers have thereby joined hands with technology companies and startups to form the largest consortium to apply the promise of blockchain technology in the automobile sector according to reports from CoinDesk. Being earlier announced that those of the leading carmakers BMW, Ford Motor Co, General Motors Co., and Groupe Renault are now forming a new group called MOBI, or the Mobility Open Blockchain Initiative. Thereby the project will explore the potential use of blockchain technology within the automotive and mobility sector to make mobility safer, greener, and more affordable.
This is where the initiative also has participation of global car parts manufacturers Bosch and ZF Friedrichshafen Group, the major technology services providers as of Accenture PLC and IBM Corp., and the blockchain industry groups primarily ConsenSys and Hyperledger.
Even though there have been individual efforts to build and launch blockchain-based proofs of concept for the auto sector which is that it is the first time that such a diversified participant group has come together as it brings representation from across the auto industry and is staffed with technical expertise from the blockchain space. It was later that IBM and ZF Group attempted to create a crypto car wallet, Renault participating in the R3 research consortium, and the Toyota Research Institute attempted to build those of several proof of concepts for that auto sector based on the current blockchain technology.
Meet The MOBI
Introducing the MOBI spearheaded by Chris Ballinger the former CFO as well as head of mobility services at Toyota Research Institute as he is now the groups’ chairman and CEO thereby it is highlighting the need for integration across the various segment s of the auto industry and among the various stakeholders Ballinger believes that a decentralized business network can fill the existing gap.
The Blockchain-Based Data Management
It is for the first time that the auto industry is jointly coordinating and acknowledging that the data that exists and continues to get generated around automobiles can be a valuable asset and with a large number of sensor fitted vehicles generating gigabytes of data with every passing day blockchain is the ideal technology to benefit from and manage such crucial data. Hence it is these data points that can help in better management and improved efficiency of the overall auto and mobility ecosystem like the real-time location, supply chain, automated payments for tolls and congestion fees, mobility commerce platform driving data markets carbon pricing, car, and ride-sharing usage-based insurance usage-based taxes and pollution taxes.
Tel Aviv Exchange Is Unveiling Blockchain Platform
Hereby the Tel Aviv Stock Exchange the primary stock exchange of Israel that has partnered with technology firm Accenture PLC and an Israeli Fintech firm called the Floor to develop a blockchain securities Lending platform and hence it will be used to facilitate direct lending of all financial instruments on the exchange using the underlying blockchain technology.
Whereas by now the Israeli securities market lacks a centralized lending platform as the securities lending process is conducted using the traditional interbank mechanisms that involve the necessary banking and non-banking entities. Hereby the process is time-consuming and inefficient as it is proving to be a hurdle in the need for developing the market that should ideally have seamless access to such basic functions like securities lending.
The Smoother Transactions
Thereafter the use of distributed ledger technology will surely bring in the intrinsic benefits of direct peer-to-peer transactions, launching and executing smart contracts, transparency, automated processing, and improved security as it helps those exchanges as its various participants and those other involved entities like the custodians thereby in achieving lower costs, higher security and increased market activity.
Thereby here comes the project that is based on the Hyperledger Sawtooth which also comes as an enterprise-level permissioned, modular blockchain platform using an innovative Proof of Elapsed Time consensus algorithm under the Hyperledger umbrella. Whereas the joint venture has emerged among TASE, Accenture, and The Floor as the contributions from chipmaker Intel Corp. that is provided the necessary Guard Extensions technology to encrypt the transaction data.
Hereafter the project implementation is set to follow a phased approach where during phase one, a proof of concept will be built as Accenture comes with its expertise in the technology sector leading in project management systems integration and cyber security consulting services. Hence the Floor will provide blockchain expertise where the platform and the pivotal technology may be offered in the future to the other global stock exchanges, custodians, and other asset management firms.