According to a post appearing on the MOBI site, Ripple is now a member of the organization. However, an official announcement has not been released.
Mobility Blockchain Initiative
All indications are that Ripple is now a member of the Mobility Blockchain Initiative. The organization was founded in May 2018. In its ranks are major carmakers and tech firms. According to a blog post by IBM, the first projects undertaken by the foundation are focused on the development of use cases for blockchain technology standards in the automotive sector. It aims to create a prototype digital identity system for vehicles, which is essentially a passport for cars. The passport will be secured on the blockchain and it will be used to store all of the car’s data.
As a result, it could help to cut down fraud in the sale of cars, as buyers will have access to an immutable record of every vehicle they purchase. Besides that, it will help insurers and car dealerships to underwrite a car’s history with pinpoint accuracy when coming up with insurance policies and warranties.
Currently, the members of MOBI account for 70% of the global vehicle production market. Some of the founding members of MOBI include Ford, BMW, Renault, General Motors, and Bosch. Additionally, large tech firms such as IBM and Accenture, and blockchain firms such as Hyperledger, and ConsenSys have joined the organization. The IOTA foundation is also a member.
Potential Benefits for Ripple
Except for the Ripple description appearing on the MOBI website, no more details have been revealed. Even Ripple has not tweeted about it yet. It is unclear what role Ripple will play in the organization. By joining MOBI, Ripple could receive some benefits. The benefits, according to the Whitepaper, include access to scale, customer, and network effects. Besides that, they will gain access to transit authorities, government agencies, and academics. Consequently, they will have insight into policy development and the spending priorities of such agencies.
MOBI Wants to Make Vehicle Transactions Secure
MOBI has the goal of making the identification of people, vehicles, and trips easier. To do this, it will utilize secure protocols for vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) payments and communications.
The most likely role that Ripple will play in the organization will be in the payments area. Ripple will likely find a new use case for the XRP token within MOBI. The organization has the ambitious goal of launching some blockchain-powered projects by the end of 2020.
IBM is Heavily Invested in Blockchain Technology
MOBI is not the only blockchain initiative that IBM is working on. The company also launched the Responsible Sourcing Blockchain Network (RSBN). It has already attracted major companies such as Fiat Chrysler. The project aims to ensure the secure tracing of raw materials used in the manufacturing process.
Many major companies, while they do not see much value in cryptocurrencies, recognize the role that blockchain technology could play in the future. Projects such as MOBI are helping to reveal the true potential that the technology holds.