BMW and Ford are some of the main participants in launching the Vehicle Identity Standard’s second installment in collaboration with the Mobility Open Blockchain Initiative (MOBI).
The days of incorrect mileage, false maintenance, and damage histories when buying vehicles could soon end after some of the largest automakers in collaboration with transportation and blockchain leaders joined forces in developing a blockchain-based platform that will help in tracking and protect vehicle identity.
The group has released the second version of the Vehicle Identity (VID) blockchain platform. Dubbed VID II, the new platform is a continuation of VID I, which was touted as a vehicle birth certificate. The new standard focuses on vehicle registration as well as maintenance traceability.
The new standard will enable vehicle registration between states and nations to connect easily via a secure, shareable, and trustworthy ledger. The maintenance traceability will also offer a tamper-proof history to insurance firms, government agencies, and buyers, eliminating vehicle information asymmetry. Andre Luckow, the Emerging Technologies head at BMW, said,
“At BMW, we strive to create seamless digital solutions. The reference architecture in the VID II standard is a crucial building block in transforming the frictionless and trusted mobility ecosystem.”
VID II was authored by different worldwide mobility leaders and renowned tech firms to enhance multi-stakeholder interoperability.
BMW and Ford are the VID II co-chairs with support from IBM, Honda, Accenture, Car IQ, Bosch, DMX, Denso, Quantstamp, Luxoft, and AWS.
Apart from offering a secure vehicle identity standard, VID II will also be used in the supply chain, electric vehicle charging, and autos financing, among others.
According to Cynthia Flanigan from Ford’s research and advanced engineering department, VID II would be a building block that will offer enhanced transparent, safer, and efficient registrations and maintenance of a vehicle. The standard will provide the seller and the buyer with reliable data and information to help them make informed decisions.