General Motors, Renault, Ford, Honda and BMW To Test Blockchain Payments In Cars

Five major companies involved in the automobile sector, General Motors, Renault, BMW, Ford and Honda, are set to start testing blockchain technology in cars. According to the reports made by the Nikkei Asian Review, the testing of the new features and payments are set to start next month in the United States.

The goal of the partnership between these companies is to test a system that can handle vehicle ID systems. With the system, which will be created using the Mobility Open Blockchain Initiative, cars will be assigned digital identities that can be used to prove ownership, show their history and provide a crypto wallet.

This way, cars could make payments automatically. For instance, an electric vehicle could be connected to buy electricity automatically when its battery is recharged and the payments would be made in a seamless way. Other uses for the technology include automatic payments for parking.

According to the reports, the Mobility Open Blockchain Initiative includes these companies and also tech giants such as IBM and IOTA. The international consortium has several car manufacturers among it, as the idea is to globally change how cars are handled.

MOBI’s CEO Chris Ballinger recently affirmed that the main goal is to create the standards that will change urban environments and be more green, diminishing pollution and congestion.

Other similar initiatives are also happening right now. Mercedez-Bens, for instance, has partnered with R3 to use its Marco Polo network for similar projects. So far, a pilot was conducted.

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James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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