Honda and General Motors Exploring Blockchain Platform for Electric Vehicles and New Revenue Stream for Car Owners: Report
Honda is reportedly collaborating with General Motors (GM) on a blockchain research project. According to Nikkei Asian Review, the two automotive giants are exploring how a blockchain-based system could track the supply of power in smart grids and the amount of electricity stored in car batteries, and record electricity exchanges between the two.
By tracking the amount of electricity stored in an electric vehicle (EV) and the amount that can be sent to a next-generation smart grid, the companies aim to create easy access to information between EVs and power grids.
If successful, electric car owners could receive compensation for storing electricity and exchanging it with a smart grid.
While infrastructure already exists for the transfer of surplus power between electric cars and homes the initiative tackles a new segment.
“Systems to connect large numbers of electric vehicles to urban power grids remain in the experimental stage. One reason for this is that it is difficult to know the state of batteries – whether they are charging or discharging – in moving cars.”
Honda is a member of Mobility Open Blockchain Initiative (MOBI), an international consortium for the development of enterprise solutions using blockchain technology. MOBI, which includes Ford Motor Company and BMW among its participants, will oversee the research which is scheduled to start this month.
Honda joined MOBI in April as the group’s first Japanese automaker. The consortium was founded last year by General Motors, BMW, Ford and Renault.