EY has launched a new blockchain powered mobility platform called Tesseract that will help reshape the automotive industry.
EY is part of the accounting giant Earnest and Young. The launch announcement doesn’t reveal much details about the mobility platform, but according to the company cars and journeys are logged on the blockchain, with transactions automatically settled through a “usage-based payment system.”
Further, the vehicle can be outright owned or operate on fractional share basis, suggesting they are tokenizing the vehicles and abstractly representing them on the blockchain.
According to EY it is now time for blockchain to reshape the automotive industry by offering 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, EY announcement noted.
From the looks of it, the Tesseract platform could be meant for autonomous self-driving cars as well as a framework for their ownership in the future. While there is no clarity on what blockchain EY is using exactly, but previous reports indicated that they used the Ethereum Name Service (ENS) to identify valuable objects.
This effectively means a private-fork of ethereum, 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.
EY isn’t the first company to have come up with a mobility platform based on blockchain technology. Toyota is working on a prototype of an ethereum based car sharing Uber alternative with the help of an ethereum developer.
Reports have emerged that Germany’s energy giant has already made some considerable advances in charging stations based on blockchain tech. South Korea’s state owned electricity provider 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.