IOTA, Honda and General Motors to develop global blockchain standard for EV grid integration

By October 25, 2020Altcoins
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Source: stockphoto-graf - Shutetrstock
  • MOBI’s CEO highlights the objectives of the initiative chaired by General Motor and Honda with the support of the IOTA Foundation.
  • Data obtained in applications and use cases can be accessed by companies using MOBI’s standards.

The CEO and founder of the Mobility Open Blockchain Initiative (MOBI), Tram Vo, has given more details about the development of the EVGI. Conceived to be a global standard supported by blockchain technology, electric vehicle networking (EVGI) is the first of its kind in the automotive industry, according to MOBI.

The MOBI initiative is chaired by General Motors (GM) and Honda, supported by the IOTA Foundation, the Politecnico di Torino, R3, Accenture, CPChain, IBM, among others. The partners work on the promotion and creation of intelligent mobility solutions based on the blockchain. In this sense, the EVGI has been created to meet 3 fundamental objectives:

  • Integration of electric vehicles with an electric grid to share electric energy.
  • Implement tokenized credits that can be acquired by companies to buy and sell them.
  • The creation of peer-to-peer applications to facilitate the sharing of energy between units.

In addition to the members mentioned above, MOBI has the support of BMW, Continental, Ford, Hyundai, Renault, Bosch. In addition, the initiative is also supported by important blockchain technology companies such as ConsenSys, Hyperledger, Enterprise Ethereum Alliance, and Ripple together with the IOTA Foundation, as mentioned. MOBI’s CEO stated the following about the development they hope to promote from the consortium:

Creating a blockchain-based standard for identifying vehicle and charging infrastructure permits each to be trusted, intelligent, and to securely transact with each other. This two-way communication between vehicle battery storage and charging station enables smart grid management in a decentralized network. This is the foundation for complex optimization strategies and a greener energy future.

IOTA facilitates information accessibility in the automotive industry

Around the idea of making transport green, affordable, and more efficient, the consortium does not rely on the prescription of a specific application. On the contrary, it promotes the accessibility of data for use cases. Thus, organizations and companies can create their own applications based on this information. The CEO of MOBI believes that the implementation of the standard is coming at an appropriate time:

The timing is right because rapidly maturing technology such as artificial intelligence, Internet of Things, 5G, and others, together with blockchain, allows for a more efficient utilization of the billions of dollars in new capital investment of EV infrastructure.

However, there are still important challenges to implement the standard and its solutions and increase adoption. A challenge that seems to be shared by the entire blockchain and crypto industry. Adopting the standard developed by MOBI would allow for the development of use cases related to identity, communications, and the management of the resources consumed by each unit. All secured in a distributed ledger. Vo added:

(The standars) They need to be adopted and implemented to create impactful outcomes for the ecosystem. The next step will be using MOBI Standards for applications and settlement in the Open Mobility Network (OMN), a shared business network for mobility data services.

Data obtained in […]

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