Blockchain “Birth Certificates” Issued By BMW And Ford To Counter Car Fraud
Last Updated: 20 January 2021
A new initiative has been launched by the Mobility Open Blockchain Initiative (MOBI) in order to combat the rampant fraud occurring within second-hand markets.
MOBI itself stands as a non-profit consortium consisting of some of the top vehicle manufacturers in the world, BMW and Ford included. The main idea behind the initiative is to issue out blockchain-powered “birth certificates” to each second-hand vehicle.
Tracking Fraud In Second-Hand Automotive Markets
This initiative’s “birth certificates” will make use of blockchain technology in order to track the maintenance history and registration of vehicles. It will do so through the use of MOBI’s second vehicle identification standard, aptly named VID II. This system was developed with the express goal of reducing fraud in the used vehicle markets.
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.
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MOBI Collaborates with BMW, Ford, and Others on Second Installment of a Vehicle Identity Standard for multi-stakeholder, interoperable mobility ecosystems of the future
MUNICH, Germany, Jan. 19, 2021 /PRNewswire/ We ve all heard about rolled-back odometers and flood-damaged vehicles touted in better condition. BMW, Ford, and other transportation and blockchain leaders want to slow these practices by joining forces with an ambitious nonprofit startup developing technology to better track and protect vehicles true identities.
The Mobility Open Blockchain Initiative (MOBI) s member-led Vehicle Identity (VID) II Working Group released the second installment of the industry s vehicle identity on blockchain.
The VID II Standard leverages the VID I Standard (a vehicle birth certificate) to describe the use of VID in a variety of practical use cases. The two use cases focused on by the working group (WG) are vehicle registration and maintenance traceability. Vehicle registration
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