BMW, General Motors, Ford and Renault are launching the Mobility Open Blockchain Initiative (MOBI) research group to explore the potential of blockchain technology within the automotive and mobility space.
MOBI is focusing on making transportation safer, more affordable and more widely accessible using blockchain technology.
The technology will be able to control smart contracts and reshape organizations and products consume data. MOBI is also focusing on payments, data tracking and supply management.
The research group isn't a first among the automotive industry. Toyota has been looking into blockchain and previously Renault joined the R3 research consortium.
"By bringing together automakers, suppliers, startups and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities," MOBI chairman and CEO Chris Ballinger said in a statement.
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