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Future Mobility

New mobility ecosystem offers blockchain-based carsharing

A blockchain-based mobility platform seeks no less than to revolutionize the future of transportation by supporting peer-to-peer interactions between owners.

22 Sep. 2017 Source: t3n Ekki Kern
Source: Tomas Picka/Shutterstock
(Photo: Tomas Picka / Shutterstock)

Global consulting firm EY wants to combine the familiar carsharing approach in the automotive sector with blockchain technology. Its mobility platform Tesseract should soon provide access to individual vehicles as well as fleets and other transportation services. Rides are digitally registered in the blockchain, and transactions between owners, operators and third-party service providers are then automatically processed via a use-based single-source payment system.

In principle, says EY, Tesseract will solve core mobility issues by laying the foundation for the future ownership of autonomous vehicle fleets and offering mobility options on demand. By participating in the platform, vehicle manufacturers, mobility and transportation companies as well as cities and infrastructure providers could generate new sources of income, a potential advantage that makes EY's product appealing already.

Users would have their desire for expanded mobility services met, by getting "the right vehicle for the perfect ride, on demand."

Means of transportation as a service

"We want Tesseract to remove the entry barriers for all stakeholders, offer transportation as a service and create a fully integrated ecosystem where consumers come first on the future mobility market," says Randy Miller, Head of Global Automotive & Transportation at EY.

With the help of Tesseract, operators can market new mobility companies and profit structures and adapt them to scale. Vehicle use will rise, predicts the company, waste will be reduced, and the end result will be "a greener, more sustainable transportation system."

By establishing new business models and income sources, financing of batteries and charging infrastructure will be far simpler, for example. Investors, crowdfunders and average users will be able to earn money with their investment, based on vehicle use by others, and people who cannot afford their own car could purchase a share in one.

Blockchain transforming the automobile industry

The time for blockchain to restructure the automotive industry has come, according to EY. The technology's use in the automotive services sector supports "genuine peer-to-peer interactions between owners," with "minimal infrastructure requirements."

Data can be permanently stored and managed securely, and automatic processing of approvals and transactions will be much easier.

Tesseract might come into use for the first time in the next few months, with an as yet unnamed partner company, John Simlett, Partner at EY, recently said in an interview with Reuters .