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BMW, Ford, Honda, Renault, and GM form an alliance to explore blockchain technology

Blockchain

Five of the world’s largest automobile brands- Ford, BMW, General Motors, Honda and Renault, have established a partnership to test the blockchain-based car recognition and payment system. The test will be conducted in the US  during the next month.

Nikkei Asian- the world’s largest financial newspaper, reported that the partnership was also made to test the vehicle’s identifying system that is being developed by the Mobility Open Blockchain Initiative (MOBI). The project will include a special digital ID for the cars, which would store the owner’s details, service history and a wallet for the vehicle which can be used to automatically pay fees that would take care of small scale expenses like maintenance fees, tolls, etc.

Another global brand, Mercedes Benz had adopted a pro-blockchain outlook not too long ago.

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