Blockchain
The World’s Largest Automakers, Along with MOBI, Announce a Joint Proof of Concept for the First Vehicle Identity on Blockchain
The Mobility Open Blockchain Initiative (MOBI) is working with BMW, Ford, GM, Groupe Renault, Honda, and other major automakers to develop a multi-stakeholder Proof of Concept (PoC) for a blockchain-based Vehicle Identity (VID). In September, MOBI members launched an important joint initiative to test implementation of the first VID standard, released earlier this year, taking a critical step towards the new economy of movement with blockchain.
“Creating a trusted digital identity for a vehicle unlocks the potential for a mobility payments network, including: V2V/V2X transactions, electric vehicle to grid integration, usage-based services, fleet operations, congestion pricing, carbon footprint management, and more,” said MOBI CEO Chris Ballinger. “We are delighted that a large segment of the industry is partnering with MOBI to build the foundation to prove existence, manage access control, confirm product definition and ownership history, and track events in the life of a vehicle.”
Blockchain-based VID makes it easy to associate vehicle payments directly to a vehicle rather than needing a payment account associated with a person or business. Smart contracts can then enable direct and low cost micropayments to and from multiple parties in response to detectable events. This will accelerate existing trends toward pay per use mobility and mobility as a service.
“The Vehicle Identity Standard is a critical enabler for future blockchain-based vehicle and mobility services. We are excited to participate in the multi-stakeholder Proof-of-Concept to foster the advancement of the standard and to explore its application,” shared Andre Luckow, Head of Distributed Ledger and Emerging Technologies at BMW Group.
Vehicle digital identities also facilitate the creation of mobility networks, in which vehicles can communicate with each other and track movement: speed, location, direction of travel, braking, and even intention. Thus, blockchain and vehicle identity unlock safer roadsharing.
The release of the first VID standard was a crucial first step in creating an ecosystem in which vehicles can securely identify themselves and communicate with other vehicles. Development of common protocols and ways of communicating are critical to adoption of new technology. Through standards development, MOBI and its partner standard bodies spur innovation and speed development. “IEEE has been a leader in creating open standards for new and cutting edge technologies for 56 years. We look forward to working closely with MOBI to develop standards in areas of blockchain and mobility,” said Remy Lyon, Chair, Los Angeles IEEE Blockchain Group.
Adoption of the VID standard by a large group of manufacturers and blockchain developers immediately creates a minimum viable community, bringing together automakers and start-ups to test and verify the VID within individual car systems. The VID will then be tested for coordinated vehicle communication within the MOBI ecosystem.
The MOBI community is currently recruiting more companies and infrastructure owners to develop and execute a comprehensive solution in accordance with the VID standard. Selected companies are able to work with other MOBI members to validate real-world applications of the VID with blockchain and DLT.
MOBI expects the PoC will give governments and transit operators new tools, in the near future, to reduce congestion and combat pollution, thereby making mobility safer, greener and more affordable. While the official PoC will take months to complete, key mobility stakeholders will be attending the seventh MOBI Colloquium, MoCo Los Angeles, in November for the first demonstration of car wallets using the MOBI VID standard.
SOURCE MOBI
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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Blockchain
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