A working group chaired by General Motors Company GM and Honda Motor Co Ltd HMC has released the specifications on the workings of a blockchain-based decentralized electric vehicle charging system.
What Happened: The first of its kind vehicle charging system, based on blockchain technology, was launched Tuesday, Mobility Open Blockchain Initiative (MOBI) said in a statement, first seen on Cointelegraph.
The Electric Vehicle Grid Integration (EVGI) Working Group is supported by organizations such as Accenture plc ACN, CPChain, International Business Machines Corporation IBM, PG&E Corporation PCG, and R3.
“Electric vehicles, chargers, and electricity producers can have a secure identity, communicate with a standard messaging format, and automatically record transactions such as charging, generation, and exchange on a distributed ledger,” said MOBI Chief Operating Officer Tram Vo.
The EVGI standard supports data transparency, trust, coordination, and automation among mobile service providers, consumers, utilities, and government stakeholders, as per MOBI.
Why It Matters: MOBI, which is a non-profit alliance of the world’s large automakers and others, claims to be technology and ledger agnostic.
The alliance hopes that the new standard will power applications that help lower carbon emissions, improve road safety, reduce traffic congestion, and lead to beneficial environmental outcomes.
In August, California approved a $473 million funding to build charging electric vehicle infrastructure, while in the same month Florida said it planned to invest $8.6 million.
A month earlier, New York Governor Andrew Cuomo had announced $750 million for the state’s EV infrastructure.
Tesla Inc’s TSLA Supercharger is the fastest charging station, as claimed by the company and there are 17,467 such charging stations in North America.
Price Action: General Motors shares closed nearly 4% higher at $31.62 on Wednesday. On the same day, Honda shares closed 1.35% higher at $24.81 in New York.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.