KAR Auction Services has joined the Mobility Open Blockchain Initiative (MOBI) Electric Vehicle Grid Integration (EVGI) working group, a consortium of smart mobility industry leaders exploring blockchain technology for use in the digital mobility ecosystem.
By joining MOBI's EVGI working group, KAR becomes the first and only current remarketer to join MOBI.
Representatives from KAR's legal, operations, marketing, and strategy business areas have been working with MOBI for more than a year to develop blockchain technology use cases for the automotive industry.
Working in a consortium allows MOBI and its partners to reduce fraud risks and lower mobility transaction costs.
"MOBI's EVGI working group will explore smart contracts to help create a more transparent conflict-free way to exchange money and property, research the used of blockchain digitized ledgers to track and manage carbon credits that off-set charging station setup costs, and examine vehicle-to-grid energy storage solutions," the company stated.
The EVGI working group is researching the potential value of using blockchain technology and the logistics necessary to pilot peer-to-peer energy smart contracts, tokenized carbon credits, and vehicle-to-grid energy storage and ancillary services.
Other members of the group include Accenture, General Motors, and Honda.