Automakers Want To Turn Cars Into Payment Vehicle With Blockchain

Association of the world’s leading auto companies started testing the car identification system based on blockchain technology.

BMW, General Motors, Ford, Honda, and Renault, together with the Mobility Open Blockchain Initiative (MOBI), have started to work actively on the implementation of the system for automatic payments on routes without the need to use cash or a credit card.

This initiative aims to ensure that the need for a person to be present to pay for parking or travel is completely eliminated. Vehicles will be assigned a unique identifier, which will contain vehicle rights and history of service.

The main activity of MOBI is to enable the exchange of road information between car manufacturers. It`s a global step for the development of stand-alone vehicles.

Vehicles participating in the initiative will eventually be able to pay their own bills automatically by connecting to other networks, such as charging or fuelling stations.

In addition, MOBI continues to explore the possibility of including cryptocurrencies in the process. One of the initiatives even involved paying consumers for returning energy to the grid.

Automakers tend to consider blockchain technology to facilitate payment and data exchange.