The smart contract and blockchain platform Tezos has announced on 22nd May that they will support Chorus Mobility, a company working dedicatedly on study and progress for future transportation. The partnership will help Chorus mobility to support smart contract of Tezos for payment of autonomous vehicle and drones. The news about the partnership is announced through a tweet by Tezos.
The Tezos Foundation is proud to announce that it will support @ChorusMobility, a research and development company working on blockchain solutions for the future of transportation. #Tezos https://t.co/mhFTKVy8iU
— Tezos Foundation (@TezosFoundation) May 22, 2019
Chorus Mobility has also tweeted that they are thrilled to receive support and seed funding from Tezos, and they feel the partnership will allow them to build more secure smart contract for human to machine interaction although the amount received by the company remains undisclosed.
Chorus Mobility, a New York established company, focuses on blockchain based peer to peer payment protocols. It is a decentralized platform to connect vehicles. The application is intended to improve human-vehicle interaction. The connection will help to combat congestion and improve the traffic movement. The company is working on to create a decentralized platform for vehicle infrastructure and V2X payment.
The CEO of Chorus Mobility William Vorobev has said Tezoz is a standout amongst the best blockchain platforms at present. It is built to support formal verification and strong security which hold utmost importance in the software development for the automotive industry.
Recently Chorus mobility was announced first in the tech blockchain championship, MOBI Grand Challenge hosted by BMW. In the competition, 23 different companies participated from 15 countries throughout the globe. The company has the vision that in the long run, autonomous vehicles will need their own secure and trustable network to interconnect with each other.
Tezos is a permissionless P2P platform; the smart contract of Tezos has similarity with Ethereum. Although Tezos claims it is much more advanced than Ethereum as its protocol has the ability to progress and implement changes over time. Tezos platform also claims they don’t have any risk of the hard fork.
Tezos supports Proof of Stake instead of Proof of work protocol, which means it does not need expensive hardware and a large amount of electricity for mining. Tezos has implemented formal verification to prioritize the security. The company is focused on the promotion and development of Tezos protocol and related technologies.
After the announcement about the partnership, Tezos Foundation has said by funding the projects like Chorus they are trying to increase the further adoption of blockchain technology in the vehicle industry. This might affect the overall growth of the Tezos ecosystem along with its price levels. Read more about Tezos to know why Tezos is a gainful investment in terms of price front.