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EV start-up Faraday Future joins MOBI Consortium

Faraday Future (FF) announced that it has joined MOBI, the Mobility Open Blockchain Initiative, to explore blockchain and distributed ledger technology (DLT) for use in the development of a digital mobility ecosystem that could make transportation safer, more affordable, and more widely available.

As the leading startup EV partner, FF is collaborating with MOBI and other industry, government, and non-profit partners to foster a digital environment where users – both businesses and consumers – may securely record driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information.

Blockchain technology sends information over a network of independent computers, known collectively as a distributed ledger, intending to ensure that transactions are secure and data privacy, ownership rights, and integrity are protected. FF and partners believe that blockchain technology may create transparency and trust among users, reduce risk of fraud, and reduce “friction points” and transaction costs in mobility, such as fees or surcharges applied by third parties.

“FF aims to bring to market a clean, intelligent, connected, and shared mobility ecosystem and being part of MOBI will help us to achieve that,” said Shyam Sundar, FF Head of Product for Vehicle Software Platform. “Blockchain is a key emerging technology in the automotive and mobility space to make transportation safer, more affordable, and more widely accessible. We look forward to collaborating with other renowned partners on furthering this technology.”

Through an open-source approach to software and standards, the MOBI consortium hopes to stimulate more rapid and scalable adoption of blockchain technology applications by other companies developing autonomous vehicle and mobility services.

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