GM, Honda-Led Group Launches Blockchain-Based Electric Vehicle Charging Network
A working group chaired by General Motors Company (NYSE: GM) and Honda Motor Co Ltd (NYSE: HMC) has published the specifications for how a blockchain-based decentralized charging system for electric vehicles works.
What happened: The first of its kind vehicle charging system based on blockchain technology was launched on Tuesday, the Mobility Open Blockchain Initiative (MOBI) said in a statement first published on Cointelegraph.
The EVGI (Electric Vehicle Grid Integration) working group is supported by organizations such as Accenture plc (NYSE: ACN), CPChain, International Business Machines Corporation (NYSE: IBM), PG&E Corporation (NYSE: PCG) and R3.
"Electric vehicles, chargers and power generators can have a secure identity, communicate using a standard message format, and automatically record transactions such as charging, generating and exchanging in a distributed ledger," said Tram Vo, MOBI's chief operating officer.
The EVGI standard supports data transparency, trust, coordination and automation between cellular providers, consumers, utilities and government interest groups according to MOBI.
Why It Matters: MOBI, a nonprofit alliance of the world's great automakers and others, claims to be technology and ledger agnostics.
The alliance hopes the new standard will fuel applications that will help reduce CO2 emissions, improve road safety, reduce traffic congestion and lead to beneficial environmental outcomes.
In August California approved $ 473 million in funding to build an electric vehicle charging infrastructure, while Florida planned to invest $ 8.6 million in the same month.
A month earlier, New York Governor Andrew Cuomo had announced $ 750 million for the state's EV infrastructure.
Tesla Inc's (NASDAQ: TSLA) Supercharger is the fastest charging point the company claims, and there are 17,467 such charging points in North America.
Price Action: General Motors shares closed Wednesday at $ 31.62, nearly 4% higher. On the same day, Honda stock closed 1.35% higher at $ 24.81 in New York.
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