Ford, GM, IBM Want Transportation To Run On Blockchain

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Several business companies want to start using blockchain to make the automobile industry, more secure and more connected. Amongst these associations are popular auto companies such as: Ford, General Motors, IBM, and BMW. This change can impact the way automakers and their customers, pay for their automobiles, their insurance, track their data, and also ride-sharing. This could be a huge chain and success for blockchain.

The Mobility Open Block Chain Initiative stated that, Wednesday marks the last day for the auto industry to look more like a tech industry. Self driving cars and ride-sharing fleets have been invested by big automakers, these types of automobiles seem to becoming more and more popular, as the years go by. The CEO will be a former CFO, and director of mobility services at the Toyota Research Institute, his name is Chris Ballinger.

According to a news release, the association will work with partners on projects relating to an automobiles history and also its identity. The release also said that the groups main aim is to, “foster an ecosystem where businesses and consumers have security and sovereignty over their driving data, manage ride share and car-share transactions, and store vehicle identity and usage information.”

Other projects are to include, data markets for autonomous and human driving , automobile payments, car sharing and ride-haling, and ” usage-based mobility pricing, and payments for vehicles, insurance, energy, congestion, pollution, infrastructure, etc…” as the release stated.

Ballinger said in a statement, “Blockchain and related trust-enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles.” Also, “By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”

Vice president of mobility product solutions at Ford, Rich Strader made a statement saying that, “We believe blockchain will transform the way people and businesses interact, creating new opportunities in mobility.” This is the kind of change and technology that could change the world, and make a huge difference in automobiles and businesses alike.

Blockchain is the shared and tamper-resistant technology behind the famous Bitcoin. Seeing how popular Bitcoin is, it is no surprise how much potential Blockchain has, and how much it can grow, and make a huge difference. For years, analysts have been saying that Blockchain could be used for more efficient forms of record keeping. Mainly, to monitor supply chains and payments. This would be a great way to over see everything.

In the stock market today, Ford fell 0.5% , GM stock lost 0.6% , IBM fell 1.8% , and Toyota retreated 0.6%.

Members of the group’s board include, Joseph Lubin, co-founder of Ethereum and the founder of ConsenSys, and Brian Behlendorf, executive director of Hyperledger. The group also includes other companies such as, Bosch, Groupe Renault and Accenture.

Big changes are taken place in the auto industry for the better, Ford and General Motors are both shifting their investments toward more popular trucks and SUV’s. By the year 2020, Ford had stated that, 90% of its portfolio in North America, would consist mainly of commercial and utility vehicles, and trucks. These larger vehicles are becoming more and more popular every day, it is no wonder that Ford is thinking this way. Ford is mostly related to trucks and big SUV’s, this would just make it official.

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