MOBI to Develop Mobility Payments Network for Machine-to-Machine Transactions Based on Blockchain
MOBI, the Mobility Open Blockchain Initiative, is exploring blockchain for use in a new digital mobility ecosystem that could make transportation safer, more affordable, and more widely accessible. According to reports from Bloomberg on December 8, the non-profit organization is developing a blockchain-based payment network that allows for machine-to-machine transactions.
Smart Mobility with Blockchain
The Mobility Open Blockchain Initiative (MOBI), a consortium for blockchain innovation in the mobility industry founded by leading automakers including Toyota, Renault, Ford, GM, and BMW, it is ever closer to the realization of vehicles capable of communicating autonomously with one another.
Chris Ballinger, the person in charge of the non-profit initiative, aims to create an automatic payment system that would allow cars to turn into real wallets that send and receive cryptocurrency transactions. This system would allow the data collected by vehicles to be monetized as drivers would earn small sums for sharing data on everything from traffic congestion to weather, whilst also be debited for infrastructure use and contribution to pollution.
However, this type of innovation could present problems according to Brent Toderian, former chief city planner in Vancouver. According to him, it is necessary to find a balance between technological development and the needs of a city. This type of invention could lead to an increase in the use of cars, impacting negatively on the environment.
But this innovation represents a fundamental step to avoid leaving the mobility sector left behind in the digital age. Tech giants are entering any market and thanks to their tremendous technological advantage they can potentially compete in any sector. To keep up with the times, you need to speed up this process, explains Bellinger.
“Everybody is asking should every market have its own token and do we need to have one?”
Interoperability is the Key
The key to success is not just to get cars to communicate with each other. The goal is to create real smart cities in which all the infrastructure will be in communication with the vehicles present. To do this, in addition to advances in technology, we need to revolutionize the way devices communicate.
So far sensors have been constructed in to be compatible only with one platform, but the new generation will need to open this up so all devices can speak to each other; it is precisely in this direction that MOBI is working.
Although there is nothing specific yet, Bellinger explained that MOBI could consider using a stablecoin as the mean of payment for its Mobility Payments Network.
The project aims to revolutionize the way cities are designed as well as provide a real-world use case for digital currencies beyond speculation.