IOTA Joins Ford, BMW, GM and Renault As Some of the Big Names to Connect with MOBI

On Tuesday at the Future Blockchain Summit in Dubai, it was announced that Ford, General Motors, BMW, and Renault were just some of the big names that have joined MOBI - the Mobility Open Blockchain Initiative.

The consortium's goals are to use blockchain technology to make mobility safer, greener and more affordable.

MOBI is looking to explore the use of blockchain and distributed ledger technology for use in the development of a digital mobility ecosystem aiming to make transportation safer, more affordable, and more widely available.

Chris Ballinger, former CFO and director of Mobility Services at Toyota Research Institute, has joined MOBI as chairman and CEO, with the aim of creating a "More open platform where users, owners, mobility service companies, and infrastructure providers can better control and monetize their assets, including their data."

"I'm excited that MOBI is coordinating this initiative to use blockchain technology to create a more open platform where users, owners, mobility service companies, and infrastructure providers can better control and monetize their assets, including their data,".

MOBI and their partners want to ensure that they can create an ecosystem where businesses and consumers have security and sovereignty over their driving data, manage ride-share and car-share transactions, as well as store vehicle identity and usage information.

By working together MOBI, their partners can create transparency and trust among users, reduce the risk of fraud, and reduce frictions and transaction costs in mobility, such as fees or surcharges applied by third-parties.

IOTA will be collaborating with MOBI. Shortly after MOBI was announced, the IOTA foundation released a statement saying that they were also joining the automotive consortium.

"We are proud to be a member of the MOBI and partnering with other leading global companies to drive industry standards that unlock the potential of DLT for the mobility sector to establish a seamless, safe, and affordable mobility experience."

MOBI looks to be a promising venture given that so many big names already on board.