BMW

The automotive giant from Detroit, General Motors, has filed a patent for a blockchain-based platform that will be utilized by the company’s self-driving cars. The filing was submitted to the US Patent and Trademark Office on April, 2.

BMW Group, a popular luxury carmaker, will involve blockchain in its purchasing processes to guarantee the effective traceability of raw materials - from mines to smelters - and other important items. The new platform is expected to be launched at the end of 2020.

Five giant automobile manufacturers including Renault, Ford Motor Company, BMW, Honda Motor and General Motors (GM) will start field tests by November this year in the United States for a vehicle identification system that is entirely based on blockchain and distributed ledger technology (DLT).

In an effort to fight modern slavery in supply chains, major companies are exploring and experimenting with blockchain and distributed ledger technology (DLT). Ascertaining whether products especially minerals including cobalt, gold, copper, etc., are obtained and produced decently is very hard when it comes to supply chains since it is a complex process.

New innovative technologies such as blockchain and distributed ledger technology adopted in day-to-day activities, continue to stand the test of time. With the growth of the giant companies turning to adopt Blockchain the trust in the future of this innovative technology grows respectively.

Coin Idol TV News channel broadcasting a new video digest on May 4. Today in our digest: FTC Plans To Host Consumer Protection Workshop, Goldman Sachs to Begin a Bitcoin Trading Operation In Future, World’s Largest Automakers to Use Blockchain Tech in New Cars Soon.

Four of the largest carmakers globally have amalgamated technology providers and startups to create the largest ever consortium focused on applying blockchain technology in the automotive zone.

German automobile company BMW plans to install the world’s leading financial technology for digital assets, Blockchain, into its business. It is now cooperating with English start-up Circulor, whose CEO informed that the main purpose of this teamwork is to confirm that batteries for electric vehicles, produced by BMW, will contain only clean cobalt.