Mobility Open Blockchain Initiative (MOBI), a nonprofit smart mobility consortium working with forward-thinking businesses, governments, and NGOs to make mobility services more efficient, has commenced a three year Grand Challenge. Fueled by more than USD1 million in prizes, winners for the first phase focused on developing blocks of next-gen mobility networks and to draw competition from 23 teams across 15 countries.
The MOBI CEO Chris Ballinger pointed out that companies, entrepreneurs, and even government entities are seeking unique functionality of Blockchains and digital assets to enable this future. So his team visualized a world where vehicles can converse their intentions with other vehicles and synchronize their behavior. So, micropayments can provide a spur, and whether it is about traffic, pothole, or other conditions that data is helpful. He said he can do several things with cars and other vehicles will require micropayments from one machine to another. The blockchain-powered digital asset is exclusively appropriate for machine-to-machine transactions, because of its capability to manage compound regulations called smart contracts, including releasing payments to fit specific conditions in an escrow-like arrangement. Each machine or sensor can have a unique individuality and a wallet related to that individuality that collects and makes payments. Without the requirement for intermediaries, the cost of a transaction can be reduced to a point at which micropayments are feasible.
This isn’t the first time of this kind of model, many are already working on the foundational elements of these new business models. For it work using machine-to-machine payments to negotiate road space, use of infrastructure, and right of way, Chorus Mobility won the first prize of the Grand Challenge. For the second place, Oaken Innovations won for a pilot that showcased vehicles being charged for road use, congestion, and pollution.