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Faraday Future joins MOBI blockchain consortium

Published 26 July 2018

Electric vehicle-maker Faraday Future (FF) has joined MOBI, the Mobility Open Blockchain Initiative, to explore blockchain and distributed ledger technology (DLT) to be used in the development of a digital mobility ecosystem that could make transportation safer, more affordable and widely available.

As the leading startup EV partner, FF is collaborating with MOBI and other industry, government, and non-profit partners to foster a digital environment where users – both businesses and consumers – may securely record driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information.

Blockchain technology sends information over a network of independent computers, known collectively as a distributed ledger, intending to ensure that transactions are secure and data privacy, ownership rights, and integrity are protected. FF and partners believe that blockchain technology may create transparency and trust among users, reduce risk of fraud, and reduce "friction points" and transaction costs in mobility, such as fees or surcharges applied by third parties.

Faraday Future product for vehicle software platform head Shyam Sundar said "FF aims to bring to market a clean, intelligent, connected, and shared mobility ecosystem and being part of MOBI will help us to achieve that. Blockchain is a key emerging technology in the automotive and mobility space to make transportation safer, more affordable, and more widely accessible. We look forward to collaborating with other renowned partners on furthering this technology."

Through an open-source approach to software and standards, the MOBI consortium hopes to stimulate more rapid and scalable adoption of blockchain technology applications by other companies developing autonomous vehicle and mobility services.

Initially, FF is working with MOBI on projects related to:

Vehicle identity, history, and data tracking

Supply chain tracking, transparency, and efficiency

Autonomous machine and vehicle payments

Secure mobility ecosystem commerce

Data markets for autonomous and human driving

Car sharing and ride hailing

Usage based mobility pricing for vehicles, insurance, energy, congestion, pollution, infrastructure, etc.

MOBI CEO Chris Ballinger said: “I'm excited that MOBI is coordinating this initiative to use blockchain technology to create a more open platform where users, owners, mobility service companies, and infrastructure providers can better control and monetize their assets, including their data.”

FF founder and global CEO YT Jia said: "MOBI's progress in creating an open and inclusive mobility value chain that benefits society in turn provides good theoretical and technical support for FF's vision of creating a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely."

MOBI's partners and sponsors also include: BMW, GM, Ford, IBM, and others. MOBI and its partners initially announced their collaboration at the Future Blockchain Summit in Dubai in April.