Blockchain technology moves into car sharing, mobility services

Blockchain technology moves into car sharing, mobility services

  • 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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Accenture, Microsoft Team Up on Blockchain-Based Digital ID Network

@Accenture and @Microsoft Team Up on Blockchain-Based Digital ID Network - launch at #ID2020

  • “Without an identity you can’t access education, financial services, healthcare, you name it.
  • You are disenfranchised and marginalized from society,” David Treat, a managing director in Accenture’s financial services practice, said in an interview.
  • One of the main advantages of blockchain is that it allows systems of different organizations to communicate with each other, Yorke Rhodes, global business strategist at Microsoft, said in an interview.
  • The prototype was built on top of an existing Accenture platform, which powers the biometric identity management system used by the UN High Commissioner for Refugees.
  • Accenture and Microsoft, which worked on the prototype with managed service provider Avanade Inc, are inviting other companies to join their and Cisco Systems Inc are among the organizations involved in ID2020.

Accenture Plc and Microsoft Corp are teaming up to build a digital ID network using blockchain technology, as part of a United Nations-supported project to provide legal identification to 1.1 billion people worldwide with no official documents.
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Accenture, Microsoft Team Up on Blockchain-Based Digital ID Network

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Accenture Plc and Microsoft Corp are teaming up to build a digital ID network using blockchain technology, as part of a United Nations-supported project to provide legal identification to 1.1 billion people worldwide with no official documents.
Continue reading “Accenture, Microsoft Team Up on Blockchain-Based Digital ID Network”

The Daily Economist: Will the future of crypto-currencies be fiat like Bitcoin, or gold backed like the CME is creating?

  • And on May 11 the Chicago Mercantile Exchange has now joined in the movement to put gold and silver on the Blockchain when they signed an agreement with the British Royal Mint to create their own gold backed currency that is expected to also be tied directly to physical gold.
  • But now CME Group,
    one of the world’s largest providers of gold futures contracts, wants to bring
    real, physical gold to a blockchain-based asset, and it has landed a big
    partnership with the U.K.’s Royal Mint.
  • According to a blog
    post by Sandra Ro, CME Group’s head of digitization, the new asset will be a
    token known as RMG (Royal Mint Gold), and backed by physical gold in the Royal
    Mint vaults.
  • And, Ro insists, it
    will bring a new era of accountability and gold-trading standards, saying,
    “There is no rehypothecation, there is no lending on that gold, and there
    will be enough physical gold to represent all the RMGs that are issued.”
  • With an initial launch planned for summer of this year, The Royal Mint plans to
    back the token with up to $1 billion in physical gold bullion.

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