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GM, Honda-Led Group Launches Blockchain-Based Electric Vehicle Charging Network

GM, Honda-Led Group Launches Blockchain-Based Electric Vehicle Charging Network

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The Electric Vehicle Grid Integration (EVGI) Working Group is supported by organizations such as Accenture plc  ACN 0.01% , CPChain, International Business Machines Corporation  IBM 0.03% , PG&E Corporation  PCG 0.05% , and R3.

“Electric vehicles, chargers, and electricity producers can have a secure identity, communicate with a standard messaging format, and automatically record transactions such as charging, generation, and exchange on a distributed ledger,” said MOBI Chief Operating Officer Tram Vo.

The EVGI standard supports data transparency, trust, coordination, and automation among mobile service providers, consumers, utilities, and government stakeholders, as per MOBI.

Why It Matters: MOBI, which is a non-profit alliance of the world’s large automakers and others, claims to be technology and ledger agnostic.

The alliance hopes that the new standard will power applications that help lower carbon emissions, improve road safety, reduce traffic congestion, and lead to beneficial environmental outcomes.

In August, California approved a $473 million funding to build charging electric vehicle infrastructure, while in the same month Florida said it planned to invest $8.6 million.

A month earlier, New York Governor Andrew Cuomo had announced $750 million for the state’s EV infrastructure.

Tesla Inc’s

TSLA

Supercharger is the fastest charging station, as claimed by the company and there are 17,467 such charging stations in North America.

Price Action: General Motors shares closed nearly 4% higher at $31.62 on Wednesday. On the same day, Honda shares closed 1.35% higher at $24.81 in New York.

Source : benzinga
Anand Gupta Editor - EQ Int'l Media Network