Blockchain Technology Eyed By BMW, Renault, General Motors

Back in February, Porsche announced that it’s embracing blockchain technology with the help of a Berlin-based company called XAIN. The road ahead is long, though, but the decentralized protocol for data transactions holds great promise.
Porsche Panamera 7 photos
Photo: Porsche
Shell Pay & Save demonstrated in a Chevrolet TahoeShell Pay & Save demonstrated in a Chevrolet TahoeShell Pay & Save demonstrated in a Chevrolet TahoeShell Pay & Save demonstrated in a Chevrolet TahoeShell Pay & Save demonstrated with a Chevrolet TahoeShell Pay & Save demonstrated with a Chevrolet Tahoe
Invented by none other than Satoshi Nakamoto, the man behind Bitcoin, back in 2008, blockchain is used in cryptocurrency as the transaction ledger. Through the use of this technology, Nakamoto solved the double-spending problem of digital currencies. The problem in question, called double spending, serves as the inspiration for a wide spectrum of applications, including in the automotive realm.

In addition to Samsung, Mastercard, IBM, and the Dubai Land Department, the Mobility Open Blockchain Initiative claims that BMW, Renault, and General Motors are also interested in the technology, along with Bosch and ZF Friedrichshafen. Care to guess who’s the gentleman in charge of MOBI? Chris Ballinger, an industry veteran who left his role as CFO and head of mobility services at Toyota Research Insitute in March 2018 for the blockchain consortium.

In addition to improved security, blockchain technology has been proven to open and close the doors of a car via a smartphone app in 1.6 seconds, making it six times faster than previous solutions. As a distributed database updated on a regular basis (hence the “block” and “chain”), cryptographic hashing could be the way forward to our increasingly technologized means of personal transport.

Consumers, for example, will be allowed to pay for tolls and EV charging as safely and quickly as possible. The automakers, on the other hand, could create public records that track cars and parts in the supply chain, ensuring greater control of the production process and quality assurance.

Moving on do a different example, Dubai launched the so-called Blockchain Strategy in October 2016 with the aim to become the world’s first blockchain-powered city by 2020. There are three pillars on which the Blockchain Strategy is based, namely government efficiency, industry creation, and thought leadership.
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About the author: Mircea Panait
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After a 1:43 scale model of a Ferrari 250 GTO sparked Mircea's interest for cars when he was a kid, an early internship at Top Gear sealed his career path. He's most interested in muscle cars and American trucks, but he takes a passing interest in quirky kei cars as well.
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