MOBI, the Mobility Open Blockchain Initiative, expanded its scope of operations last week after it founded a global consortium of automakers in May. CarBlock, the world’s first Blockchain-based transportation solution has collaborated with the MOBI team to further explore blockchain for transportation.

CarBlock, a start-up founded in 2017, builds solution on data generated by smart devices and smart contract and seek to disrupt the entire allied car industry targeting consumers as well as businesses. The company provides a huge infrastructure for applications like – car rental, auto insurance, car maintenance and repair, and used car reports.

The startup encrypts car data and converts the same into the blockchain format so that the car owners can have absolute rights to the information that they have generated. In fact, the owners themselves can grant permissions to businesses such as insurance agencies, repair shops to access their data. Such an initiative can aid businesses to formulate customized and better plans as per the owner’s car data. Also, through diminishing frictions and frauds over car data, CarBlock facilitates innovations in the automobile industry.

Blockchain for Transportation Ecosystem

CarBlock, the world’s first Blockchain-based transportation solution.

“We believe in MOBI and its broad abilities to revolutionize the transportation industry. We can see its potential in a variety of use cases, including the ability to expand our own offerings and service more drivers,” commented Julie Wang, Head of Partnerships, CarBlock.

Presently, CarBlock’s anchor partnership is with the US connected car leader, nonda. Alex Lee, founder of both nonda and CarBlock, first wants to leverage nonda’s community with Blockchain technology and enlarge its current business scope.

To help the cause, CarBlock has coined the term ‘CAR Tokens’ that will serve as the prime transaction means for future transportation business. It will issue 1.8 billion CAR tokens in total. At the initial stage, these token will be based on Ethereum.

Blockchain for Transportation

Blockchain for transportation basically works by transferring information to a network of independent computers. The goal of this process is to ensure that transactions are secure and reliable, and data privacy and possession rights are well-protected.

The previous month MOBI announced its formation to mine blockchain for transportation segment. With a radical shift in the automobile industry, MOBI founders intend to re-invent mobility concept through Blockchain and address the concern.

Chris Ballinger, former Chief Financial Officer and Director of Mobility Services at Toyota Research Institute, has joined MOBI as Chairman and CEO to coordinate this initiative. “Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles,” stated Ballinger.

MOBI Blockchain for transportation

The mission of the MOBI is to assist fresh digital mobility ecosystem to build transportation safer, more affordable, and more widely accessible.

MOBI is basically a consortium of global automakers BMW, Ford, General Motors and Groupe Renault, car-parts manufacturers – Bosch and ZF, tech companies– Accenture and IBM, and blockchain industry groups – Consensys and Hyperledger. Aioi Nissay Dowa Insurance Services USA, Achmea, CarBlock, DashRide, Ride Austin, Shift and Move Co are also major partners among others. “By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities,” Ballinger added.

The mission of the consortium is to assist fresh digital mobility ecosystem to build transportation safer, more affordable, and more widely accessible. With the application of Blockchain for transportation, MOBI partners and sponsors plan to cultivate a mobility ecosystem where businesses and consumers have protection and sovereignty over their driving data, administer ride-share and car-share dealings, and save vehicle identity and usage information.