EY accelerates future of autos with blockchain

On August 30, 2017, EY, the global leader in assurance, tax, transaction and advisory services, released details about its latest project. Called “Tesseract,” the integrated platform will digitally log vehicles and trips onto a blockchain while facilitating multi-party vehicle ownership.

Tesseract is meant to solve fundamental problems associated with widespread, shared-use vehicle ownership. Additionally, Tesseract enhances shared ownership through integration of mobile technology with vehicles. EY believes its project is essential to the future of autonomous vehicle fleets, the rise of which will generate new revenue and value streams. Randy Miller, EY global automotive and transportation leader, stated: “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.”

EY envisions mobility and transport companies, along with cities and infrastructure providers, using technologies such as Tesseract to manage their autonomous fleets in the not too distant future. According to Miller:

“The future of the automotive and transportation industry will be integrated, on-demand, personalized 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.”

Tesseract’s underlying blockchain technology will facilitate automatically executed transactions between owners, operators, and third-party service providers via a single source, usage-based payment system. Ownership of vehicles on the Tesseract platform will be available on a full or fractional basis. This type of technological innovation will not only change what it means to own a car, it is likely to change the way people interact with vehicles in general, and change society by association.

Paul Brody, EY global innovation leader, stated:

“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.”

Anybody want to split a Lambo?  

Jordan Daniell is a writer living in Los Angeles. He brings a decade of business intelligence experience, researching emerging technologies, to bear in reporting on blockchain and Ethereum developments. He is passionate about blockchain technologies and believes they will fundamentally shape the future. Jordan is a full-time staff writer for ETHNews.
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