MOBI is a global nonprofit organization working to improve mobility using Blockchain, distributed ledgers, and related emerging technologies. Funded and directed by its members, MOBI provides a neutral community where companies openly innovate, share ‘proof of concepts’ and develop standards for Blockchain in the mobility services industry. MOBI is technology agnostic and its members and advisors include representatives from the major Blockchain developer communities.
The first-ever Colloquium event on Mobility hosted by MOBI (mobility open blockchain initiative) https://dlt.mobi/ was co-hosted alongside the 5th Smart Cities India Expo where more than 41 distinguished speakers and more than 100 attendees from around the world came together to explore the current state of blockchain and smart city applications in India and share MOBI’s mission with other international organizations.
The key highlights of the panel discussion on ‘Blockchain in Mobility Finance’ in this consortium are pointed out as under:
- The gaps and challenges observed in the insurance and auto-finance sectors and how it would be beneficial to adopt blockchain and distributed ledger technologies to address the underlying issues.
- Blockchain can elevate the levels of transparency and trust among users, minimizing the risk of fraud along with reduced transaction costs in mobility.
- A blockchain-powered mobility marketplace app is essential to redefine the current state of affairs in the entire ecosystem.
- The overall benefit leads to creating a smarter and greener city.
MOBI’s goal is to make mobility safer, greener, cheaper and more accessible using blockchain and related technologies. The initiative plans to create standards and best practices in the mobility space with strong support from global consortia and countries better equipped to adopt digital transformation. They aim to build the support system for a viable, decentralized, ad-hoc network of blockchain connected vehicles, IoT, and smart infrastructure that can reliably share data, participate in transactions, coordinate and incentivize behavior, and thereby improve human mobility, with advancement in Digital Inclusion.
One interesting takeaway from the event was during a panel of distinguished leaders speaking on auto-finance and the potential applications of blockchain in this field. The panel analyzed the gaps and challenges they observed in the insurance and auto-finance sectors and discussed the benefits of adopting blockchain and distributed ledger technologies to fix these issues. Blockchain can increase transparency and trust among users, reduce the risk of fraud, and decrease transaction costs in mobility, such as fees or surcharges applied by third parties.
Mobi Consortium global is a smart mobility consortium helping to accelerate the adoption of blockchain, distributed ledger, and related technologies in the mobility industry through the creation and promotion of standards.
The work of preparing blockchain standards is carried out through MOBI working groups. Each member of the consortium interested in a subject for which a working group has been established has the right to be represented and participate in that working group. Mobility providers, technology companies, governments, and NGOs, in liaison with MOBI, take part in the work. Initiative to promote and advance standards accelerate adoption of blockchain in Making Human Mobility Safer and Greener while improving quality of life.
Working Group Core Initiatives:
Vehicle Identity (VID): The Vehicle Identity working group aims to define “vehicle identity” (VID) and propose industry standards that will allow the creation of a vehicle digital identity using blockchain technology.
Usage-Based Insurance (UBI): The Usage-Based-Insurance committee undertakes activities to inspect, evaluate, and test blockchain technology in order to establish best practice standards for blockchain as it relates to UBI for connected cars, autonomous vehicles, and other IoT devices. Status: standard under Development.
Supply Chain (SC): The Supply Chain working group will assess the potential value proposition of blockchain technology as it relates to inbound parts and provenance of products and parts moving across supply chains, and outbound vehicles.
Electric Vehicle Grid Integration (EVGI): The EVGI working group will assess potential value proposition of blockchain and logistics necessary for use cases such as peer-to-peer energy smart contracts, tokenized carbon credits, and vehicle to grid (V2G) energy storage and ancillary services.
Autonomous Vehicle Data Marketplace (AVDM): The AV Data Markets working group will tackle data flow questions in use cases such as autonomous shared mobility, vehicle IoT, and assess blockchain applications for data transactions, security, and privacy.
Ride Share/Car Share (RS/CS): The RS/CS working group will assess potential value of blockchain for uses cases such as peer-to peer ride share, car share, and ancillary services.
Finance and Securitization (F&S): The F&S working group will assess potential value of blockchain for use cases in vehicle and fleet finance, lending, securitization, and ancillary services.
The Mobi Colloquium provided ample opportunity to understand and assess the current state of technology convergence across areas such as AI, blockchain, IoT and mobility. To ensure optimum growth, it is essential to create a cohesive ecosystem and identify the possibilities of merging it with smart city initiatives. It's time to see how best we are positioned to lead the shift towards smart city adoption in India.