EY launches blockchain-based vehicle ownership platform
Financial services behemoth EY has announced the launch of Tesseract, an integrated mobility platform underpinned by blockchain technology. The platform facilitates fractional vehicle ownership, shared use and seamless multimodal transport and it will help lay the groundwork for how autonomous vehicle fleets can be owned in the future and provide access to a variety of on-demand mobility options.
EY's Tesseract solves core mobility issues such as how to share vehicle ownership with widespread shared-use and how a multitude of mobility options can be integrated. As participants on a single platform, multiple stakeholders such as OEMs, mobility and transport companies, and cities and infrastructure providers, among others, will have the opportunity to create new value and revenue streams. Along with shared ownership, consumer demands for expanded mobility services are met, giving them access to the right type of vehicle for their ideal journey, on demand.
Randy Miller, EY Global Automotive & Transportation Leader, says: "The future of the automotive and transportation industry will be integrated, on-demand, personalised 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."
With Tesseract, single vehicles, fleets and other transport services are available on the platform. Vehicles and trips are digitally logged on the blockchain, and transactions are automatically settled between owners, operators and third-party service providers through a single-source, usage-based payment system. Ownership of the assets is flexible and can be on a full or fractional share basis.
Miller says: "Tesseract will allow operators to innovate, commercialize and scale new mobility businesses and revenue models. Vehicle utilization will increase, reducing wastage and ultimately creating a greener, more sustainable transport world."
With new business models and income streams that will be created, funding of expensive assets such as batteries and charging infrastructure will become much easier. Investors, crowd-funders and everyday users will be able to earn money from their investment based on others' usage of vehicles and individuals who could not previously afford a car will now be able to own a share of a vehicle.
Paul Brody, EY Global Innovation Leader, Blockchain, says: "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."