Ford and BMW are collaborating in a working group with the Mobility Open Blockchain Initiative (MOBI) and have released the second part of the Vehicle Identity Standard (VID II).
MOBI is a non-profit alliance of the world’s leading vehicle manufacturers together with many other stakeholders from the industry, including NGOs, insurers, transit agencies, and technology companies. MOBI aims to create standards for Blockchain and Distributed Ledger Technologies.
Vehicle Registration enables existing vehicle systems across states and countries to link up, by integrating them on a secure Blockchain ledger. Maintenance Traceability aims to implement a tamper-proof history of vehicles, so that buyers, regulators and insurers can proceed with confidence.
Buyers and sellers can have more confidence given that an immutable and fully trustworthy record of vehicles is kept on the Blockchain. This can promote far more reliable vehicle prices. Sellers can receive the proper market value for their vehicle and buyers will have more exact price ranges of vehicles.