The Mobility Open Blockchain Initiative (MOBI) – the non-profit organization formed by Ford and BMW – has reportedly rolled out a project aimed at using blockchain to fight fraud in the second hand markets. 

Specifically, the project reportedly looks to apply blockchain as a viable tracking solution, regarding the registration and maintenance history of vehicles, with the assistance from “VID II.” – MOBI-built second vehicle identification standard, where it is expected to limit fraud across the used vehicles market. 

 “Vehicle registration on blockchain allows formerly disconnected vehicle registration systems between states and countries to connect using a secure, shared, and trusted ledger. Maintenance traceability will provide a tamper-proof history to buyers, regulators, and insurers, therefore reducing vehicle information asymmetry.”

World’s top-tier car manufacturing entities Ford and BMW reportedly share the leading role of MOBI’s VID II working group. Honda, IBM, Hitachi America, and Quantstamp are also providing their support for the project, together with many. 

The VID II standard is reportedly developed upon VID I, describing a vast array of utilities for the group’s vehicle birth certificate.

A secure digital vehicle identity will reportedly establish a base, where a fully automatic network for usage-based transportation services can be built upon, per insights disclosed by MOBI COO and Co-Founder, Tram Vo. 

“We expect this network for frictionless transfer of value in the New Economy of Movement to open up trillions of dollars of new opportunities to monetize vehicles, services, data, and infrastructure.” She further remarked. 

MOBI was reportedly established 2 years ago in May, claiming its goal is to boost the adoption rate of blockchain across the automotive sphere, via employing a collaborative, open-source approach to developing tools and standards.