- Accounting and consulting firm EY, part of Ernst & Young Global Ltd, said on Wednesday it was launching a blockchain based system that will enable companies or groups of individuals to more easily share ownership of vehicles and access to cars and trucks.
- The concept of sharing the use of vehicles is not new to the auto industry, but the use of blockchain technology to record vehicle ownership, log the use of vehicles, and apportion insurance costs and other transactions is in its infancy.
- T>, for example, said in May that its Toyota Research Institute would work with researchers at MIT and technology partners including BigchainDB of Berlin, Oaken Innovations of Dallas and Toronto and Commuterz, an Israeli startup, to develop blockchain based applications.
- Toyota said it was also working with partners to develop usage-based insurance products using blockchain systems.
- EY’s Simlett said blockchain systems could enable shared use and shared ownership of large fleets of vehicles, such as a group of cars parked in a high-rise building that residents could use as needed, gaining access using a smartphone app.
The technology underpinning the cryptocurrency bitcoin is migrating to the auto industry and vehicle sharing. Accounting and consulting firm EY, part of Ernst & Young Global Ltd, said on Wednesday it was launching a blockchain based system that will enable companies or groups of individuals to more
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