BMW, Ford, and major technology companies have indicated their support for a new blockchain project to assign “birth certificates” to vehicles.
Announced on Tuesday, the initiative is focused on developing technologies able to track a car from its manufacture and beyond, including when the vehicle has changed hands, its maintenance history, and records of mileage and any past damage.
The developer of the system, the Mobility Open Blockchain Initiative (MOBI), says that this could stop second-hand sellers from misleading buyers, could wipe out the use of tools including roll-back odometers, and could “better track and protect vehicles’ true identities.”
Blockchain technologies are touted as a way to create a tamper-proof record of a car’s history. The solution will be based on the Vehicle Identity I (VID I) standard, described as a “vehicle birth certificate,” and the second version of this standard (VID II) utilizes the blockchain to connect records held by different countries, US states, and organizations on a vehicle.
A blockchain is a form of digital ledger that contains records that are difficult to tamper with or change, as multiple copies of records are stored in different ‘nodes’ in a chain.
MOBI intends to create a system that will pull together records from multiple sources to create a true representation of a vehicle’s condition.
“Vehicle registration on [the] blockchain allows formerly disconnected vehicle registration systems