EV startup Faraday Future (FF) has joined MOBI, the Mobility Open Blockchain Initiative (earlier post), to explore blockchain and distributed ledger technology (DLT) for use in the development of a digital mobility ecosystem that could make transportation safer, more affordable, and more widely available.
MOBI is the Mobility Open Blockchain Initiative partnered by several automotive OEMs to set the industry’s blockchain usage standards.
FF is collaborating with MOBI and other industry, government, and non-profit partners to foster a digital environment in which users—both businesses and consumers—may securely record driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information.
Blockchain technology sends information over a network of independent computers, known collectively as a distributed ledger, intending to ensure that transactions are secure and data privacy, ownership rights, and integrity are protected. FF and partners believe that blockchain technology may create transparency and trust among users, reduce risk of fraud, and reduce “friction points” and transaction costs in mobility, such as fees or surcharges applied by third parties.
Through an open-source approach to software and standards, the MOBI consortium hopes to stimulate more rapid and scalable adoption of blockchain technology applications by other companies developing autonomous vehicle and mobility services.
Initially, FF is working with MOBI on projects related to:
Vehicle identity, history, and data tracking
Supply chain tracking, transparency, and efficiency
Autonomous machine and vehicle payments
Secure mobility ecosystem commerce
Data markets for autonomous and human driving
Car sharing and ride hailing
Usage based mobility pricing for vehicles, insurance, energy, congestion, pollution, infrastructure, etc.
MOBI’s partners and sponsors also include: BMW, GM, Ford, IBM, and others. MOBI and its partners initially announced their collaboration at the Future Blockchain Summit in Dubai in April.