Blockchain

BMW Playing Host for Blockchain Use Case in Auto Tech Tournament

BMW

With the blockchain use cases spreading their legs across various sectors, then why should auto industry lag behind? The Mobility Open Blockchain Initiative (MOBI), and the Trusted IoT Alliance (TIoTA) together have set up a tournament to introduce the blockchain use case in vehicles as reported by official press release on 10th October.

MOBI is basically a nonprofit organization working with forward-thinking companies, governments, and NGOs to make mobile services more efficient, affordable, greener, safer, and less congested by promoting standards and accelerating adoption of the blockchain, distributed ledger, and related technologies.

The new concept developed under the title MOBI Grand Challenge is designed to streamline the activities associated with the vehicle through the blockchain use cases, like coordinating machines, providing data sharing, improving the level of mobility among others. With the three-year blockchain based challenge may invite new entrants to participate online globally, is expected to award the winners with the amount of $1 million dollars of the token.

The MOBI Grand’s first four-month challenge expected to start on 12th October that elaborates more on “potential uses of blockchain in coordinating vehicle movement and improving transportation in urban environments.”

Based on the final outcome from the first challenge, MOBI Grand Challenge will be used as the basis to build various challenges in years to come. With this, Selected technologies from the first challenge will be demonstrated at the event hosted by BMW Group (MOBI community member) in Munich, Germany in February 2019.

On the awards winning front, those who will win the first challenge are expected to get $350,000 worth of awards in bifurcation where $250,000 worth of tokens by Beyond Protocol and $100,000 worth of tokens by Ocean Protocol, which is a blockchain led data exchange protocol.

Amid this, Silicon Valley-based firm that is applying distributed ledger technology (DLT) to secure Internet of Things (IoT) devices beyond Protocol. The firm has approved $250,000 of tokens that will be used for the entire protocol network.

Additionally, Zaki Manian, Executive Director of the Trusted IoT Alliance (a new open source software foundation is poised to support the creation of a secure, scalable, interoperable, and trusted IoT ecosystem) and a member of MOBI’s Board of Advisors further stated that “mobility is a breakout IoT industry direction for blockchain. With a small percentage of companies have completed end-to-end proof of concepts in this space so far, so the new tournament intends to fill this gap.”

The story is not confined up to here, the four renowned global vehicle suppliers namely GM, BMW, Ford, and Renault together set up the blockchain platform with the aiming to address certain prevalent issues namely mobility issues, making it safer, greener, and more affordable by using blockchain technology. With this, Ford, an American Car manufacturer got patent for a communication method system that can be used for the vehicle through crypto tokens thereby by supporting the flow of traffic!!

About the author

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a.
You can also mail him at [email protected] to discuss anything related to his reports.

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