BMW, Ford Help Advance Standard for 'Tamper-Proof' Blockchain Identities for Vehicles

Automotive giants BMW and Ford have taken another step in developing a means to tackle used car fraud by recording the provenance and history of vehicles using blockchain technology.

Announced Tuesday, a working group formed under the Mobility Open Blockchain Initiative (MOBI) and co-chaired by the two car giants, has released the second installment of a standard for how to record the "true" identity of vehicles on a blockchain platform.
Dubbed vehicle "birth certificates," the Vehicle Identity Standards I and II focus on vehicle registration and maintenance traceability in order to provide a "tamper-proof" history of the vehicle to buyers, regulators and insurers.
“Vehicle registration on blockchain allows formerly disconnected vehicle registration systems between states and countries to connect using a secure, shared, and trusted ledger," said the working group.
MOBI COO and co-founder Tram Vo said a network based on the standards could "open up trillions of dollars of new opportunities to monetize vehicles, services, data and infrastructure."
The work is supported by a number of other major firms including Accenture, AWS, Bosch, Hitachi America, Honda and IBM.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Tanzeel Akhtar

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.