Honda, General Motors, BMW, Ford and Renault Choose Blockchain!

1 min reading
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According to a press release issued on the 14th of October by Nikkei Asian Review, five major car manufacturers will begin testing their blockchain-based vehicle identification system next month.

 

Details of the project

This pilot is to be carried out in the United States. The new system will enable the drivers to automatically pay parking and highway tolls without using cash or a credit card. Among the giants of the automotive industry who will take part in this venture are: Honda Motor, BMW, Renault, General Motors and Ford Motor. This project was developed as part of an international consortium called Mobility Open Blockchain Initiative, supported by the aforementioned brands.

According to the project assumption, thie system should assign digital identifiers to individual cars. The identifiers will contain, among others, information such as the history of ownership or websites. Data related to the use of vehicles will be used to recognize cars on the road, which, in turn, would allow their owners to pay automatically. Special tags required by current electronic toll systems would not be required.

Consortium members predict as well, that this project will also be used on electric vehicles. Tolls or maintenance will be automatically charged when the vehicle is connected to charging.

 

Blockchain in the automotive industry

Blockchain technology is increasingly used by well-known brands from the automotive industry. It has been long for some time now, that Hyundai Motor Group is introducing the first EV performance control on the market via smartphones. In order to provide users with the highest level of security, this company decided to use the potential of blockchain.

The Volkswagen Group has proved equally creative when it comes to the use of new technologies. In April it issued a press release informing that it had entered into open industry cooperation regarding a responsible extraction of minerals that will be placed on blockchain.

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