Blockchain is all set to make huge waves in the automotive world, courtesy England headquartered multinational professional services firm EY's new project. The global leader in assurance, tax, transaction and advisory services is currently working on “Tesseract,” an integrated platform that will be capable of digitally logging vehicles and trips onto a blockchain while allowing a multi-party vehicle ownership.

According to EY, the new platform will bring a much needed relief to the shared-use vehicle ownership customers by solving some of the fundamental problems associated with the market. In addition to this, Tesseract will also be significantly enhancing the whole shared ownership experience through the integration of mobile technology with vehicles.

The new platform will allow its operators to innovate, commercialize and scale new mobility businesses and revenue models. The project is expected to result in an increase in vehicle utilisation, reduce wastage and ultimately lead to creation of a greener and much more sustainable transport world.

EY's confidence in Tesseract is such that the company believes that the project is especially essential to the future of autonomous vehicle fleets trend, the flourishing of which will lead to new revenue generation and value streams.

For the uninitiated, a blockchain is an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. In the past, we have covered various stories on how the technology is invading financial institutions like banks (Read Here) and electronic voting systems in several countries (Read Here), including India. Yesterday, we also carried an article about how Blockchain is blurring the lines between technology and nature through a new species called Plantoid, a new digital plant, which is designed to reproduce itself via transactions made on the blockchain.

“The future of the automotive and transportation industry will be integrated, on-demand, personalized and autonomous. Tesseract is a groundbreaking, innovative platform that benefits every stakeholder across the mobility ecosystem. We want Tesseract to break down barriers to entry for all stakeholders, provide the means for mobility as a service and facilitate a truly integrated ecosystem that puts consumers first in the future mobility marketplace." said Randy Miller, EY global automotive and transportation leader in a statement given to about EY's new project in works.

Adding to what Miller said, Paul Brody, EY global innovation leader stated, “The time has come for blockchain to reshape the automotive industry. Using blockchain for automotive services permits true peer-to-peer interactions between owners with minimal infrastructure requirements. Data can be stored permanently and managed securely while automated permission and transaction processing will be made much easier.”

To conclude, EY's new platform's underlying blockchain technology will be facilitating automatically executed transactions between owners, operators, and third-party service providers via a single source, usage-based payment system. Ownership of vehicles on the platform will be available on a full or fractional basis.

EY's new platform is a technological innovation that has the potential of not only completely changing what it means to own a vehicle, but it is also capable of changing the way humans interact with cars in general, and even bring a massive change in society by association.

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