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Accounting and consulting firm EY, a member of Ernst & Young Global Ltd, said on Wednesday that it is launching a system based on blockchain that will allow companies or groups of people to more easily share the property of vehicles and access to cars and trucks. EY can deploy a system called Tesseract in a test with an unnamed partner during the next quarter, EY partner John Simlett told Reuters in an interview.
The concept of vehicle sharing is not new to the automotive industry, but the use of blockchain technology to register vehicle ownership, vehicle registration and the distribution of insurance costs and other transactions is in its infancy.
For example, Toyota Motor Corp said in May that its Toyota research institute will work with researchers at the Massachusetts Institute of Technology and technology partners, including BigchainDB from Berlin, Oaken Innovations of Dallas and Toronto and Commuterz, an Israeli startup, to develop a block of applications. Toyota said that it also works with partners to create insurance products based on the use of block systems.
EY’s Simlett said blockchain systems can allow the sharing and joint ownership of large fleets of vehicles, such as a group of cars parked in a high-rise building, that residents could use as needed, accessed using a smartphone application.
Blockchain technology allows you to share data that is supported by a network of computers, rather than a trusted third party.
A group of 10 major food and retail companies earlier this month said they joined IBM to explore how to use chain systems for food supply chains.
Microsoft Corp also recently announced that it is developing a so-called CoCo structure to reduce the complexity of adapting blockchain technology to commercial transactions.
Financial services companies and securities exchanges are also studying the use of blockchain technology. In June, the venture capital unit Alphabet Inc was one of the leaders in financing the London start-up blockchain, which forces software to allow consumers and businesses to use digital currencies such as bitcoin.
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