GM and Honda to Initiate Blockchain Project for Electric Vehicles and Smart Grid Technology
- Blockchain technology research project has been initiated by Honda and GM.
- Mercedes Benz has already initiated a blockchain project for documentation storage as well.
The beauty of the cryptocurrency industry is that it has introduced the public to a technology that never existed before this industry but can be used for the management of data in multiple sectors. Both Honda and General Motors, the major automobile manufacturers, have expressed interest in using the technology to research electric vehicle and smart grid interoperability.
During the project, these two companies will be examining how the use of electric vehicles can help smart grids to stabilize their energy supply. More specifically, the companies will be creating data retrieval methods, which will make it possible for the owners of these vehicles to receive rewards when they hold power in their batteries, and then to exchange it with the grid.
To help the progress of this research, the companies plan to join forces with the Mobility Open Blockchain Initiative (MOBI) for greater efficiency. The platform was only brought to the market in May this year, and is a collaborative consortium that includes 30 participants, like IOTA, Bosch, Hyperledger, and IBM.
GM already filed a blockchain patent as they seek out a way to properly manage the data that they collect from autonomous vehicles. Ultimately, the new system will help to improve the security and strength of data distribution, promoting interoperable exchanges between the various automated vehicles on the market and related entities, including public facilities and regional authorities.
In another effort to work with blockchain technology, the American car manufacturer joined the partner project of Spring Labs, which is a blockchain startup. The company’s contributors to the project will improve the data security of the information collected.
Blockchain technology appears to be a bit appealing to the rest of the automobile industry as well, like for Mercedes-Benz. The leading car manufacturer created a new blockchain platform for supply chains, which is used to store smart contracts and other pertinent documentation.