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.

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News


Trezor Explain Why You Should Use Their New Buy Service

Cryptocurrency wallet, Trezor have launched a new buy service on their platform and have detailed how it can benefit you. The new service will simultaneously help traders whether they are looking to hodl, invest, build your portfolio, or send money abroad directly via the service. To make sure you know exactly why you should use […]

13 November, 2019

CoinEx Chain Mainnet Goes Live Alongside New CoinEx DEX

CoinEx’s own native chain, the CoinEx Chain officially went live yesterday afternoon. The launch of the mainnet was 7 months in the making but it is now up and running, following a series of tests and a tour of Asia. During these tours, they spread the word of their native public chain and simultaneously attempted […]

12 November, 2019

CEX Announce Creativity Awards For Users

To celebrate their 6th year of operation, are giving users the chance to win prizes by sharing their creativity with the platform. This event will see them reward their users for the loyalty they have shown over their history simply for sharing their creative prowess with the exchange. The concept is quite simple – […]

11 November, 2019
DeversiFi,Exchange Platforms,Updates

DeversiFi Reveal First Month Performance Report

DeversiFi, the re-brand of popular platform Ethfinex, yesterday revealed the details of their first-month operations in their new format. Already the new-look platform has set about making its presence known in the world of cryptocurrency and blockchain. At the end of September, they assisted an EU commission that focuses on digital asset regulation, before last […]

10 November, 2019

DX.Exchange Have Closed “Temporarily”

DX.Exchange has closed its door as they attempt to find a “merger or outright sell of the company”. The news will come as a surprise to some as it has seemed all systems go for their native DXCASH and Turbo Token. However, this has seemingly not taken off in the way they had expected as […]

9 November, 2019

NEXO Giveaway Now Live at Changelly

Users will be able to benefit from a new giveaway at Changelly where they can win their share of 15,000 NEX. The two firms have been partners for some time. With Changelly’s low commission fee rates and NEXOs low interests combined making for a very price friendly trading experience when then the pair are used […]

9 November, 2019

AIBC Summit Malta – Autumn Edition: Day 2

After what was undoubtedly a fantastic first day from the third edition of the AIBC Summit in Malta, our team at Cryptimi was all geared up for yet another eventful and insightful day. Just like the first day, we were literally spoilt for choice. So, we huddled up and came up with a practical game […]

8 November, 2019
Exmo,EXMO Coin,IEO,Promotion

EXMO Announce Series of Details about EXM IEO Third Round

The third and final IEO round for EXMO’s native coin, EXMO Coin (EXM) is scheduled for next Wednesday. In anticipation of this, the platform has announced important details about how and where you can get involved, as well as new incentives to do so. As previously reported, EXM is ready for its final IEO round […]

8 November, 2019