BMW, Ford, General Motors, and Renault have supported blockchain technology, which has been used in cryptocurrencies, for future vehicles. The four have joined the Mobility Open Blockchain Initiative (MOBI) that was recently formed use blockchain to create a digital ecosystem designed to make transportation safer and more accessible, the initiative announced.

As a trust enhancing technology, the initiatve hopes to use blockchain to foster an environment where businesses and consumers have security and control over their driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information.

Blockchain technology distributes information to a network of independent computers, ensures that transactions are secure and data privacy, and protects ownership rights. For MOBI, the objective is transparency and trust among users, which in turn, can reduce risk of fraud, and lower mobility transaction costs like fees or surcharges.

Through an open-source approach to blockchain software tools and standards, MOBI's goal is to stimulate rapid adoption of the technology by other enterprises developing autonomous vehicles and mobility services.

Presently, notes the report, the initiative is actively working with companies responsible for 70% of global vehicle production. The consortium also includes Bosch, ZF, Aioi Nissay Dowa Insurance Services USA and others.

Chief executive officer Chris Ballinger, former chief financial officer and director of mobility services at Toyota Research Institute, is leading the initiative.