The BMW automobile company will be hosting the prestigious tournament dubbed as MOBI Grand Challenge for understanding blockchain applications in vehicles. The competition has been launched by the Mobility Open Blockchain Initiative (MOBI), and the Trusted IoT Alliance (TIoTA). Both the agencies have collaborated with an objective to develop the first viable blockchain technology-based network of vehicles and system.
The official news was unveiled through a press release stated that the primary aim of this tournament is to bring the automobile community together in understanding the potential of distributed ledger technology. In addition to this, the competition will bring more visibility to the blockchain powered system to coordinate machines improving the level of mobility in the urban region and data sharing as well.
The MOBI Grand Challenge hosted by BMW automobile company will begin from October 12, 2018, with the first four-month challenge to feature prospective uses of blockchain technology in improving efficiency of transportation in urban areas and enhanced coordination vehicle movement. The results of the first series will be used as a benchmark to set challenges for the next levels. Winner of the premiere challenge will be awarded 350,000 worth of awards in a number of categories which also includes $100,000 worth of tokens by Ocean Protocol and $250,000 worth of tokens by Beyond Protocol. (Via Coin Telegraph)
The first few technologies from the opening challenge are said to be demonstrated at the event conducted by MOBI community member in Munich, Germany in February 2019. The entire duration of this challenge is three years during which there will be a number of events organized in which participation can also be done online. The winner of the blockchain competition will receive over $1 million dollars worth of tokens, according to Official Press Release.
The BMW automobile company has already begun working on the research and development of blockchain technology. The leading vehicle supplier companies Renault, Ford, and GM have partnered to launch a common blockchain platform for harnessing its potential in the automobile world.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]