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2.19%BMW, Ford Help Advance Standard for 'Tamper-Proof' Blockchain Identities for Vehicles
A new standard developed in a MOBI working group is aimed at tackling used car fraud with verified car histories.
Automotive giants BMW and Ford have taken another step in developing a means to tackle used car fraud by recording the provenance and history of vehicles using blockchain technology.
STORY CONTINUES BELOW
- Announced Tuesday, a working group formed under the Mobility Open Blockchain Initiative (MOBI) and co-chaired by the two car giants, has released the second installment of a standard for how to record the "true" identity of vehicles on a blockchain platform.
- Dubbed vehicle "birth certificates," the Vehicle Identity Standards I and II focus on vehicle registration and maintenance traceability in order to provide a "tamper-proof" history of the vehicle to buyers, regulators and insurers.
- “Vehicle registration on blockchain allows formerly disconnected vehicle registration systems between states and countries to connect using a secure, shared, and trusted ledger," said the working group.
- MOBI COO and co-founder Tram Vo said a network based on the standards could "open up trillions of dollars of new opportunities to monetize vehicles, services, data and infrastructure."
- The work is supported by a number of other major firms including Accenture, AWS, Bosch, Hitachi America, Honda and IBM.
Read more: Ford Test Driving Blockchain for Energy-Efficient Vehicles
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
