Leading Automakers, BMW and Ford, Back Blockchain Solution to Develop “Birth Certificates” for Cars

  • BMW, Ford, Honda, and other leading automakers have backed the development of birth certificates of cars on blockchain
  • Mobility Open Blockchain Initiative (MOBI) is the firm behind the blockchain solution
  • The solution will create a Vehicle Identity Standard to clamp down mileage tampering and fraud in care sales

BMW, Ford, and other major automobile companies have announced their support to develop the second installment of a Vehicle Identity Standard that will act as a birth certificate for vehicles.

The Vehicle Identity Standard

The chances are high that you have either bought or know someone who bought a vehicle that the owner or seller claimed was in sterling condition only to get a vehicle with worn-out engines and frightening accident history.

The Vehicle Identity Standard is a blockchain solution to this long-standing problem. The Vehicle Identity Standard is an initiative that will help buyers get an accurate history of the vehicle they wish to purchase.

The blockchain-based solution will track a car from its manufacture to the point where the vehicle has changed hands, including its maintenance history, and records of mileage, and any past damage.

BMW and Ford Backs the VID 

The first installment of VID was released by the Mobility Open Blockchain Initiative (MOBI) as a birth certificate for vehicles. VID I was the starting point to what is achievable in the newer second installment.

In the launch of the second installment of its Vehicle Identity Standard, VID II, leading names in the automotive industry, BMW, Ford, and Honda have backed the blockchain project.

Companies like Amazon Web Services, the AutoData Group, Bosch, Car IQ, DENSO, DMX, Hitachi’s USA subsidiary, Kar Auction Services, Luxoft, Quantstamp, Ownum, and the United Services Automobile Association have also backed MOBI’s VID solution.

VID II focuses on tracking a vehicle’s registration and maintenance traceability. With VID II, buyers can now access tamper-proof data on vehicles, such as damage history, repairs, maintenance history, and mileage.

On the Flipside

  • The Stellar organization, issuers of the XLM tokens, is being targeted by cyber fraudsters
  • The fraudsters have set up a fake website – on behalf of Stellar – announcing the launch of a reward plan for holders of the native cryptocurrency lumens (XLM)
  • Crypto users are advised to keep away from the scam reward plan known as Community Staking Competition

The VID solution can also be used in the supply chain, automotive financing, electric vehicle charging, autonomous vehicle data exchange, and much more.

In addition, the new standard will enable sharing of data across borders using blockchain, which translates to consistent, secure, easily accessible information needed to value a second-hand car appropriately.

With the data made available on the platform, buyers will get a transparent history of the vehicles they are about to purchase.

Mobility Open Blockchain Initiative (MOBI)

Mobi is an ambitious nonprofit startup developing technology on blockchain to help the automotive industry better track vehicles and protect the true identities of vehicles.

MOBI envisions a future where VID standards will have a place in the automotive industry, providing better security, transparency, solving problems, and creating new automotive business models and mobility services

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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