BMW backed group to host a blockchain auto tech competition in Germany

According to a press release, the Mobility Open Blockchain Initiative (MOBI) and the Trusted IoT Alliance (TIoTA) have announced a blockchain competition for the auto industry in Munich on February 15, 2019. As a part of a three-year MOBI Grand Challenge (MGC) which starts from October 12th 2018, the first phase will focus more on demonstrating the blockchain potential in improving the automobile industry mainly in functions of vehicle coordination and in transportation. The phase will showcase the potential use cases of blockchain technology in improving smart mobility by solving some very specific problems including machine identity, collective sensor fusion, obstacle mapping, path planning and micropayments.

MOBI’s CEO and Co-founder Chris Ballinger, said

Today, many pieces of the smart mobility future are already in place and there are no fundamental roadblocks to realizing the full benefits of blockchain connected vehicles.

The competition will be open to all the interested aspirants across the globe. More phases will be covered in other events and the learnings of the preceding tournament will be used to decide the next phase of the three-year rolling challenge.

Ocean Protocol (a blockchain-based data exchange protocol) has committed tokens worth $1 million dollars and Beyond Protocol (a California based distributor ledger technology firm) has committed tokens worth of 250,000 dollars as prize for the competition winners. The winners of the first series will get awarded with the Ocean and Beyond Protocol tokens to be used in their respective networks.

The broader objective of this tournament is to design and develop a robust decentralised network of connected vehicles that share data, coordinate among themselves on the routines and maps, using AI to suggest smart decisions based on the data and conduct micropaymentswith the ultimate aim to use blockchain technology to make urban mobility more reliable, secure and efficient.