Carmakers BMW, GM and Ford for blockchain group

Some of the world’s most prominent carmakers, including BMW, Ford, and GM, have joined forces to launch the Mobility Open Blockchain Initiative (Mobi).

The new coalition of carmakers aims to make transportation “safer, more affordable, and more widely accessible using blockchain technology.”

The announcement came on Wednesday during the Future Blockchain Summit in Dubai.

The event runs from May 2 to May 3 at the Dubai World Trade Centre (DWTC).

Mobi is actively working with carmakers that account for the majority of global vehicle production in terms of the market share.

The coalition includes 70 percent of all carmakers worldwide, according to a press release from the group.

The car manufacturers say they seek to foster an ecosystem by teaming up with large software providers, saying:

“Businesses and consumers have security and sovereignty over their driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information.”

Former chief financial officer and director of mobility services at Toyota Research Institute, Chris Ballinger, will be the group’s chairman and CEO.

Former chief financial officer and director of mobility services at Toyota Research Institute, Chris Ballinger, will be the group’s chairman and CEO.

Ballinger, who will be in charge of coordinating the groundbreaking initiative, said in a statement:

“Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles.

“By bringing together automakers, suppliers, start-ups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers, and communities.”