"Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles," says CEO Chris Ballinger.
A group of automakers, suppliers and other automotive industry players has formed the Mobility Open Blockchain Initiative, a consortium that aims to explore potential uses for blockchain technology.
Bitcoin and other cryptocurrencies employ blockchains as a distributed ledger. The system is open yet cryptographically protected, creating a secure record of transactions.
MOBI aims to create a blockchain ecosystem specifically geared for the automotive industry. Potential applications include vehicle identity, supply chain tracking, vehicle payments, data markets and usage-based pricing systems.
"Bringing the industry together and building interoperable blockchain networks is key to helping the automotive industry unleash the potential of blockchain," says IBM automotive industry VP Sachin Lulla.
MOBI has not disclosed an expected timeframe for launching its open-source blockchain tools and standards.