General Motors, Renault, Ford, Honda and BMW To Test Blockchain Payments In Cars

Five major companies involved in the automobile sector, General Motors, Renault, BMW, Ford and Honda, are set to start testing blockchain technology in cars. According to the reports made by the Nikkei Asian Review, the testing of the new features and payments are set to start next month in the United States.

The goal of the partnership between these companies is to test a system that can handle vehicle ID systems. With the system, which will be created using the Mobility Open Blockchain Initiative, cars will be assigned digital identities that can be used to prove ownership, show their history and provide a crypto wallet.

This way, cars could make payments automatically. For instance, an electric vehicle could be connected to buy electricity automatically when its battery is recharged and the payments would be made in a seamless way. Other uses for the technology include automatic payments for parking.

According to the reports, the Mobility Open Blockchain Initiative includes these companies and also tech giants such as IBM and IOTA. The international consortium has several car manufacturers among it, as the idea is to globally change how cars are handled.

MOBI’s CEO Chris Ballinger recently affirmed that the main goal is to create the standards that will change urban environments and be more green, diminishing pollution and congestion.

Other similar initiatives are also happening right now. Mercedez-Bens, for instance, has partnered with R3 to use its Marco Polo network for similar projects. So far, a pilot was conducted.

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Author: James W

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