Blockchain technology has the potential to revolutionise the way mobility solutions are delivered and financed, drastically reducing the cost of providing services.
Vehicle-based services such as ride-hailing could have their finance processing costs slashed to a fraction of their current level using the technology and it could transform the type of payments being made, according to Chris Ballinger, Chief Executive Officer and Founder of the Mobility Open Blockchain Initiative.
MOBI is a global consortium that works with companies throughout the industry to establish common standards for the use of blockchain in the mobility industry.
It aims to build a worldwide network of cities, infrastructure providers, consumers, and producers of mobility services in order to accelerate the adoption of the technology.
He argues that blockchain enabled smart contracts will be the foundation of the vehicle-to-vehicle and vehicle-to-infrastructure economy, as it provides confidence that transactions are compliant and protected from fraud, so a third-party such as a bank doesn’t need to be involved to verify and approve them.
Ballinger said: “You have very low fractional costs, so now you have the ability for cars to make transactions with other cars, with infrastructure and with roads. The biggest revolution of all is machine-to-machine payments and the machine-to-machine economy.”
You can see more of Ballinger’s vision for the future in this exclusive video, provided courtesy of global automotive, consumer and equipment finance software company White Clarke Group.