VINchain has become a new partner of the industrial consortium MOBI, which is creating a new mobile ecosystem based on the distributed registry.

MOBI is the most significant joint venture in the automotive industry. The Mobility Open Blockchain Initiative includes more than 30 founding members, including Bosch, Blockchain at Berkeley, Hyperledger, Fetch.ai, IBM, and IOTA.

The group has a rather broad goal – to make transportation “safer, more convenient and more accessible with the use of blockchain technology.”

Blockchain has an undoubted potential for impact on many industries.

In particular, the distributed registry component and smart contracts can change the way of using data and consumed by organizations and products.

At the same time, MOBI stated that its focus varies from payments, data tracking, and supply management, to consumer finance and pricing, and a vast number of more futuristic areas such as autonomous vehicles and travel distribution systems. This is not the first time that automobile companies have been studying the use of a detachment. Toyota previously conducted its own research, Renault joined the research consortium R3, and Daimler is part of the Hyperledger project from the Linux Foundation.

The main activities of MOBI include the development of common DLT standards, design work, and the creation of open source software tools. In general, the consortium will be engaged in the implementation of blockchain in automotive systems for “maintaining driving statistics, managing transaction transactions and storing information about the characteristics and use of vehicles.”

It looks to be a promising venture given that so many big names already on board. It will be interesting to see how the project develops and the impact that this will have on the automotive industry as a whole.

VINchain’s fundamental goals are:

1) Creation of a vast protected database;

2) Association of manufacturers, dealers, insurers, SRT, and electronics developers into a single ecosystem with a database;

3) Creation of an infrastructure to provide open access to the database for each car and the creation of a fundamentally new – transparent market for used cars.

This will allow you to be confident in your purchases and improve the mechanism for setting prices because every car will know absolutely everything and each will be configured at a fair price.

Thus, life will be the better for all those who are selling honestly, and there will be no deceivers in this market at all, as there will be no opportunity to deceive.

As a member of MOBI, we are glad to be among such great companies with well-spread names as BMW, BOSCH, Ford, RENAULT as well as many others. The connections that MOBI facilitates are invaluable, and we are a mile away from forming partnerships with those companies as well.

Partnership with MOBI will create transparency and trust among users, reduce the risk of fraud and reduce disagreements and transaction costs, such as fees or allowances used by third parties.

VINchain is thrilled about such a valuable partnership, and we will continue working together for better future!

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This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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