KAR Auction Services joined the Mobility Open Blockchain Initiative (MOBI) last July as the first remarketer to become associated with member-driven consortium of global automotive industry leaders, the goal of which is to explore blockchain tech use in the “digital mobility ecosystem.”
On Tuesday, KAR expanded its involvement with MOBI via participation in the electric vehicle grid integration (EVGI) working group alongside representatives from Accenture, General Motors and Honda.
KAR noted in a news release that the EVGI working group will research the potential value of using blockchain technology and the logistics necessary to pilot peer-to-peer energy smart contracts, tokenized carbon credits and vehicle-to-grid (V2G) energy storage and ancillary services.
“As a leader in the automotive industry, we are always looking for ways to collaborate and innovate,” KAR president Peter Kelly said. “Working with other automotive and technology industry leaders as active members of MOBI, we are pioneers in the mobility and blockchain technology space with a vested interest in the success, integrity and security of blockchain enabled solutions.
“Together we can build a more transparent and trustworthy ecosystem for our customers and the industry,” Kelly added.
KAR also mentioned MOBI’s EVGI working group will explore smart contracts to help create a more transparent, conflict-free way to exchange money and property, research the use of blockchain digitized ledgers to track and manage carbon credits that off-set charging station setup costs and examine V2G energy storage solutions.
KAR reiterated that it is the first and only auto remarketer to join MOBI and collaborate with international automotive OEMs, new mobility technology companies, government agencies and leading consulting and financial services firms to put forward interoperable solutions. For more than a year, representatives from KAR’s legal, operations, marketing and strategy business areas have worked to develop blockchain technology use cases for the automotive industry.
Through MOBI’s open-source approach to blockchain software tools and standards, KAR continues to collaborate on the development of standardized blockchain-enabled vehicle data and mobility services applications.
KAR explained that blockchain technology operates by cryptographically distributing information to a network of independent computers, ensuring that transactions are secure and that data privacy, ownership rights and integrity are protected. Working in a consortium allows MOBI and its partners to reduce fraud risks and lower mobility transaction costs.