KAR Auction Services, a known vehicle remarketing and technology provider, has joined the Mobility Open Blockchain Initiative.
Otherwise known as MOBI, the nonprofit foundation works as a member-driven consortium of partners (in this case, global automotive industry leaders) exploring blockchain technology for use in the digital mobility realm.
“Working with other leaders in the automotive and technology industries as partners with a vested interest in the success, integrity and security of blockchain enabled solutions, we can build a more transparent and trustworthy ecosystem,” said Don Gottwald, CEO and Chief Strategy Officer at KAR. “As a forward-thinking company, KAR has assembled a team to consider potential blockchain technology use cases, and active participation in MOBI can help ensure that effort results in a unified, secure reality for our customers and the industry.”
MOBI was originally formed to help accelerate the adoption of blockchain, distributed ledgers, and other related technologies to benefit the mobility industry and consumers. It also strives to promote the standards of these technologies.
Blockchain in particular operates by “cryptographically distributing information to a network of independent computers, ensuring transactions are secure and data privacy, ownership rights, and integrity are protected,” according to KAR’s news release. For example, MOBI is working with its partners to help lower fraud risks and mobility transaction costs.
As for KAR, the company hopes to collaborate with MOBI on the development of standardized blockchain-enabled vehicle data, along with mobility service applications.
“Blockchain has the potential to transform the automotive industry — how dealers and consumers purchase vehicles, insure vehicles and use vehicles on a day-to-day basis,” said Chris Ballinger, chairman and CEO at MOBI. “KAR’s participation with other automotive industry leaders such as global manufacturers, suppliers, startups, and government agencies means we can all work toward developing a network we trust and adopt.”
