GM Bets on a Blockchain Revolution in Transportation

GM Bets on a Blockchain Revolution in Transportation

General Motors can be on the headlines now because the closure of factories and over 14,000 layoffs in the United States; however, a huge news is passing anonymously for the common people.

According to the US Patent and Trademark Office, GM filled a patent application last week where self-driving cars would be able to manage and to store data using Blockchain technology. GM would be planing use a distributed ledger to store and share data easily.

According to the document’s abstract, the method shares information between all vehicles in real time, and all vehicles would have access to that information all the time.

“Then, appending, upon validating by the consensus, a blockchain within the blockchain database for enabling each entity to have access to a same replicated block data with the event information to enable enhanced vehicle operations of multiple vehicles based on the same replicated block data.”

The project would need the participation not only of General Motors but also other independent platforms such as local authorities, public facilities, airports, police bodies or taxi companies.

The system would store even transit tickets for people, or cars, also driver licenses, tag registrations and payments to tolls, for individual cars, or collective transport like buses, metro or aeroplanes.

A blockchain revolution for more than self-driving cars

What GM proposes is a vehicle and transportation revolution where everything is connected; not only self-driving cars but a whole new community of cars, drivers, public transportation, government payments for all transport platforms in land, sea and air.

General Motors announced in March that it would start producing its autonomous vehicle in 2019, the Cruise AV, which will be assembled in Brownstown and Lake Orion, Michigan. GM is investing “more than $100 million to upgrade both facilities. Roof module production has already begun and production of the fourth generation Cruise AV is expected to begin in 2019.”

Previously this year, BMW, Ford, Renault, and GM joined the Mobility Open Blockchain Initiative (MOBI), along with companies such as IBM, Bosch, Cube, or Consensys, and organisations as Blockchain at Berkeley, the World Economic Forum and the USC Viterbi.

The organisation works on the use of “blockchain and related technologies to make mobility safer, greener, and more accessible.”

Ohio funds will push $300 million into Blockchain startups

Ohio is becoming the most pro-blockchain state in the United States as after announcing companies will be allowed to pay taxes with Bitcoins, seven funds have announced plans to invest on Blockchain technology in the next three years.

In a speech during the official opening event for the Blockland Solutions conference in Cleveland this Weekend, JumpStart CEO Ray Leach said that over $300 million will be invested in Blockchain technology from now until 2021.

JumpStar, FlashStarts and five other Ohio funds organisations will invest $100 million in early-stage startups focused on Blockchain technology for business or government. One example would be the use of the online decentralised ledger system to store government records and documents.

FlashStarts also announced $6 million in pre-seed funds for Blockchain startups.

Leach also said that other organisations are planning to invest $200 million over the next three years to companies that work in Ohio’s “opportunity Zones” that provides tax incentives for investors in depressed neighbourhoods.

According to Leach, Ohio funds along with government departments want to make Ohio a leader and a hub in Blockchain technology.

Before, Ohio became the first state in the United States to allow companies to pay taxes in Bitcoin. Also, tax collector has plans to make the payment available to all individuals taxpayers.

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