Today the mobility blockchain consortium MOBI released standards for using blockchain to share vehicle financing information between customers, manufacturers, dealers and lenders.
Using decentralized data can increase transparency, making it possible to address fraud, enable innovative business models and also enhance data privacy within the automotive sector. Ultimately the aim is to reduce the cost of financing and remove some of the friction involved in getting finance.
“Blockchains and distributed ledgers will enable better accuracy, transparency, and process efficiencies by allowing financial institutions to trust the data they have, mitigate risk, have more confidence in their decisions, and ultimately help the industry realize digital transformation more quickly,” said Phil Masi, President of BMW Bank of North America.
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