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Automobile Companies Adopt the Blockchain Technology

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The blockchain technology is being adopted into different industries and the automobile industry is not going to be left out.  A combine efforts from four of the world’s largest automakers is going to bring the ‘blockchain’ to your car.
Ford, BMW, Renault and General Motors are working to get the blockchain technology into your car.
An initiative was created to speed up the adoption process of the blockchain called the Mobility Open Blockchain Initiative which aims to speed up the adoption of the use cases from the technology which will range from autonomous payments to ridesharing. The CEO of BKCM considers the technology thus,
“This is a tectonic shift in the tech landscape, that has the potential to disrupt the growth plans of legacy tech into the auto.”
The Mobility Open Blockchain Initiative has a mission to speed up the adoption of the blockchain, and make sure the industry is on the same page with use cases ranging from autonomous payments to ride-sharing. BMW, Ford, Renault and General Motors are among the 30 companies in the Mobility Open Blockchain Initiative. Founding members also include IBM, Bosch and Blockchain at Berkeley.

The potentials of the blockchain to impact a range of industries is undoubted. The distributed ledger component and smart contracts, in particular, could reshape the way organizations and products use and consume data. MOBI will focus on payments, data tracking, and supply management, to consumer finance and pricing, and more futuristic areas like autonomous vehicles and ride-sharing systems.
MOBI’s first chairman, Chris Ballinger says, “Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles.”
 
This is not the first time automotive firms will be checking out the blockchain. Companies such as  Toyota has already started research on the subject matter.  Renault has joined the R3 research consortium, and Daimler is part of the Hyperledger project from the Linux Foundation. With MOBI, however, the group is focusing entirely on the automotive space and potential use cases rather than automotive as one of a number of industries.

Chris Ballinger explains MOBI’s function, “By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”
 
 

What do you think about the Mobility Open Blockchain Initiative? Share your opinion with us in the comments section below.
Image Credit: dryve, pixabay


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Blockchain News

270k User Data At Risk As Australian Crypto Exchange Accidentally Sends Emails En masse 

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An Australian Crypto Market Overt dubbed BTC Markets, has by a mere twist of fate jeopardised the privacy protection of its customers by accidentally baring their personal information. This way, its users are at the mercy of phishers and identity thieves. 

Business Insider disclosed how the exchange had bared the identities (names and email addresses) of more than 270,000 users when it released emails en masse to the users all at once. 

The same mail was addressed to a set of one thousand email recipients. 

This unintended disclosure came to be due to the emails sent all at once instead of mails being sent to each user personally, or better still, opting to utilize the “blind carbon copy” feature.

Any would-be identity thief would already have access to about nine hundred and ninety nine other personal data from each addressed email.

Caroline Bowler  the CEO of BTC Market explained that: 

“all account holders were affected.” 

She continued that: 

“The email was sent in batches, rather than in bulk.”

The mails could not be reversed or cut midway once it was sent.

Although sensitive data regarding passcode, financial information were not compromised, the disclosed info puts users at risk of phishers, identity thieves, and fuels the menace of obtaining by false pretences, as potential scammers now know who and who have crypto accounts.

This unintended move brings to the fore the challenges of centralizing Crypto markets. Any error or system hack can give away non-sensitive and even highly sensitive data.

With the look of things, BTC Market has to undergo an internal evaluation and timely review so as to tighten its security. To observe necessary due process, BTC Markets will  have to register this inadvertent occurrence to the Office of the Australian Information Commissioner.

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I Didn’t Own Any Cryptocurrency Before Beam, Not Even Bitcoin – Beam CTO, Alex Romanov 

I did not have any relation or experience with any other cryptocurrency or blockchain.

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The Chief Technical Officer of Beam Alex Romanov has revealed the first cryptocurrency he ever owned. He said in the CryptoTvplus AMA Series on the 25th of November that Beam was the first cryptocurrency he owned. Not even bitcoin, he emphasized. 

He said the Beam project was the first blockchain related project he undertook. Before I started, he explained, “I did not have any relation or experience with any other cryptocurrency or blockchain. In fact, I didn’t even own any other cryptocurrency before Beam. Beam was the first cryptocurrency I actually first owned.”

This is like true for most of the team I think. We were new to this space and had to learn everything from scratch very quickly, which we did and eventually we produce Beam, Alex added. 

In the AMA session which was focused on the Beam Confidential DeFi Ecosystem, Alex also revealed the project did a hard fork in July and added a feature amongst others called Confidential Assets. 

This feature allows anyone to create a confidential token easily without special development skills. 

He also expressed his opinion on the future of the industry with emphasis on regulations as it affects privacy coins.

He said “we’ll see regulations moving forward to adapt to the new reality and understanding privacy is not something bad but something good that people need to be able to trade on blockchain”

You can watch the full session here. 

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Beam is building Decentralized Bridges Between Chains to allow Interoperability- Beam CTO, Alex Romanov 

According to Alex Romanov, there’s a current strong trend in the industry in terms of interoperability. Beam is building  decentralized bridges between Beam, Polkadot and Ethereum. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way. 

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The CTO of Beam and Tech Lead has been revealed Beam is building decentralized bridges between blockchains. The bridge is designed to allow interoperability between blockchain networks such that values can be easily transferred between chains. 

This was made known on the CryptoTvplus AMA Series which aired on Wednesday, the 25th of November, 2020.

According to Alex Romanov, there’s a current strong trend in the industry in terms of interoperability. Beam is building  decentralized bridges between Beam, Polkadot and Ethereum. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way. 

The Beam CTO went on saying Beam definitely will lead the direction of building blockchain connecting tools. In his words 

Alex Romanov, CTO & Tech Lead, Beam
Alex Romanov, CTO & Team Lead, Beam.

Interoperability is happening, there will be more projects that connect to each other in the future and Beam will definitely lead this direction by building completely decentralized bridges that will allow to freely move value across chains and trade confidentially.”

Considering the development in the industry as regards to regulatory impact on privacy coins which Beam is one such, Alex Romanov said, in few years, we’ll see regulations moving forward to adapt to the new reality and understanding that privacy is not something bad but something good that people need to be able to trade on blockchain. 

He also said the industry will see much more serious trading on blockchain because it’s convenient and has lots of advantages. 

You can watch the AMA Session here below:

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