EY Moves to “Reshape the Automotive Industry” with Blockchain Tech – Trustnodes

EY Moves to “Reshape the Automotive Industry” with Blockchain Tech

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EY, part of the Earnest and Young accounting giant, announced the launch of a new product called Tesseract, a mobility platform underpinned by blockchain technology.

Details are sparse at this stage, but the company says that cars and journeys are logged on the blockchain, with transactions automatically settled through a “usage-based payment system.”

Moreover, the car can be outright owned or operate on fractional share basis, suggesting they are tokenizing the vehicles and abstractly representing them on the blockchain.

“The time has come for blockchain to reshape the automotive industry,” says Paul Brody, who joined EY after leading IBM’s Mobile and Internet of Things (IoT) practice, before continuing:

“Using blockchain for automotive services permits true peer-to-peer interactions between owners with minimal infrastructure requirements. Data can be stored permanently and managed securely while automated permission and transaction processing will be made much easier.”

The accounting firm is seemingly trying to provide a platform for autonomous self-driving cars as well as a framework for their ownership in the future. Randy Miller, EY’s Global Automotive & Transportation Leader, says:

“The future of the automotive and transportation industry will be integrated, on-demand, personalized and autonomous. Tesseract is a groundbreaking, innovative platform that benefits every stakeholder across the mobility ecosystem. We want Tesseract to break down barriers to entry for all stakeholders, provide the means for mobility as a service and facilitate a truly integrated ecosystem that puts consumers first in the future mobility marketplace.”

It’s not clear what blockchain they are using exactly, but we previously reported on the work of an EY developer who used the Ethereum Name Service (ENS) to identify valuable objects.

So a private-fork of ethereum seems to be a likely contender, especially considering their description of this platform, which seems to be a framework for basically tokenizing and digitizing cars, a task that would be well served by smart contracts.

They’re hardly alone in this ambition. Toyota is working on a prototype of an ethereum based car sharing Uber alternative with the help of an ethereum developer.

More generally, Germany’s energy giant has made some considerable advances in blockchenizing charging stations. While South Korea’s state owned electricity provider, which accounts for some 90% of the country’s energy provision, is launching blockchain based electric vehicle charging stations too.

Making the car industry one of the more interesting adopter of this space, especially as they are experiencing some considerable innovations of their own, including electric vehicles and self driving cars.

Thus they may be more open to incorporating new technology, such as blockchains or smart contracts, as they are sort of starting from a blank paper, with the infrastructure only beginning to be built.

 

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